Selected Results
2022-11-10
Overview:
All models below were executed with impulse indicator saturation (IIS) enabled and a block size of 20. In order to avoid endless output, where reasonable, we present only the model specifications with all three ETS phase dummies (2005, 2008, 2013), a p-value threshold of 0.01, and spanning 2019-2021.
Country sample: EU-15, United States, Canada, New Zealand, Australia, Japan, Switzerland
Corrections since 18.10
Updates:
- Updated GDP indicator from current US$ to constant 2015 US$
prices
- Manual calculation of population-weighted HDD (16 degree threshold)
and CDD (18 degree threshold)
CDD/HDD calculation
GDP correction
Levels
Standard Controls
1990-2021
AR = 0
## [1] "Formula: l_edgar_v7 ~ lgdp_wb + lpop + lgdp_wb_sq"
## [1] "EU15+selected (1990:2021); p.value: 0.01; AR: 0"
##
## Date: Mon Oct 31 15:08:50 2022
## Dependent var.: y
## Method: Ordinary Least Squares (OLS)
## Variance-Covariance: Ordinary
## No. of observations (mean eq.): 672
## Sample: 1 to 672
##
## SPECIFIC mean equation:
##
## coef std.error t-stat p-value
## lgdp_wb -2.314915 0.678744 -3.4106 0.0006921 ***
## lpop 0.203966 0.206761 0.9865 0.3242968
## lgdp_wb_sq 0.046319 0.013329 3.4749 0.0005481 ***
## idAustria -1.992987 0.131189 -15.1917 < 2.2e-16 ***
## idBelgium -1.484781 0.094649 -15.6873 < 2.2e-16 ***
## idCanada -0.547884 0.091161 -6.0101 3.231e-09 ***
## idDenmark -1.242452 0.202036 -6.1496 1.424e-09 ***
## idFinland -1.405235 0.198356 -7.0844 3.954e-12 ***
## idFrance -1.719315 0.194773 -8.8273 < 2.2e-16 ***
## idGermany 0.122443 0.231803 0.5282 0.5975426
## idGreece -1.057773 0.089210 -11.8571 < 2.2e-16 ***
## idIreland -1.936719 0.238911 -8.1064 2.970e-15 ***
## idItaly -0.615888 0.187221 -3.2896 0.0010623 **
## idJapan 0.098704 0.306941 0.3216 0.7478891
## idLuxembourg -3.479849 0.642887 -5.4128 9.002e-08 ***
## idNetherlands -0.988398 0.041597 -23.7612 < 2.2e-16 ***
## idNewZealand -3.034694 0.247119 -12.2803 < 2.2e-16 ***
## idPortugal -1.763291 0.093795 -18.7995 < 2.2e-16 ***
## idSpain -0.868836 0.158668 -5.4758 6.427e-08 ***
## idSweden -2.484163 0.117338 -21.1711 < 2.2e-16 ***
## idSwitzerland -3.840640 0.174894 -21.9599 < 2.2e-16 ***
## idUnitedKingdom -0.268323 0.186583 -1.4381 0.1509328
## idUnitedStates 1.186858 0.421593 2.8152 0.0050362 **
## time1990 37.138133 9.679930 3.8366 0.0001380 ***
## time1991 37.199979 9.680353 3.8428 0.0001347 ***
## time1992 37.193794 9.680455 3.8422 0.0001350 ***
## time1993 37.151083 9.680861 3.8376 0.0001375 ***
## time1994 37.162291 9.680118 3.8390 0.0001367 ***
## time1995 37.194607 9.679021 3.8428 0.0001347 ***
## time1996 37.208578 9.678507 3.8445 0.0001338 ***
## time1997 37.208960 9.676122 3.8454 0.0001333 ***
## time1998 37.237038 9.674959 3.8488 0.0001315 ***
## time1999 37.234206 9.673651 3.8490 0.0001314 ***
## time2000 37.234198 9.672684 3.8494 0.0001312 ***
## time2001 37.279063 9.672151 3.8543 0.0001287 ***
## time2002 37.309854 9.673027 3.8571 0.0001272 ***
## time2003 37.345127 9.672873 3.8608 0.0001254 ***
## time2004 37.357948 9.671835 3.8626 0.0001245 ***
## time2005 37.351281 9.671241 3.8621 0.0001247 ***
## time2006 37.356384 9.670344 3.8630 0.0001243 ***
## time2007 37.326714 9.669567 3.8602 0.0001257 ***
## time2008 37.264256 9.670408 3.8534 0.0001291 ***
## time2009 37.212416 9.673150 3.8470 0.0001325 ***
## time2010 37.233105 9.672440 3.8494 0.0001312 ***
## time2011 37.147654 9.672455 3.8406 0.0001359 ***
## time2012 37.139323 9.672798 3.8396 0.0001364 ***
## time2013 37.087506 9.672156 3.8345 0.0001392 ***
## time2014 36.989095 9.671848 3.8244 0.0001449 ***
## time2015 36.946094 9.670959 3.8203 0.0001473 ***
## time2016 36.956502 9.670265 3.8217 0.0001465 ***
## time2017 36.977238 9.669379 3.8242 0.0001450 ***
## time2018 36.911822 9.668701 3.8177 0.0001488 ***
## time2019 36.814713 9.668271 3.8078 0.0001547 ***
## time2020 36.715035 9.671835 3.7961 0.0001620 ***
## time2021 36.748227 9.669197 3.8005 0.0001592 ***
## iis181 0.405989 0.112178 3.6191 0.0003207 ***
## iis414 -0.927262 0.115802 -8.0073 6.169e-15 ***
## iis415 -1.994882 0.115005 -17.3461 < 2.2e-16 ***
## iis416 -1.876866 0.114280 -16.4234 < 2.2e-16 ***
## iis417 -1.608489 0.113777 -14.1372 < 2.2e-16 ***
## iis418 -1.077219 0.113504 -9.4906 < 2.2e-16 ***
## fesisUnitedStates.2002 -0.190148 0.053908 -3.5273 0.0004522 ***
## fesisBelgium.2001 -0.266682 0.040630 -6.5636 1.143e-10 ***
## fesisSwitzerland.2015 0.301274 0.047587 6.3310 4.794e-10 ***
## fesisDenmark.2004 -0.449460 0.042984 -10.4564 < 2.2e-16 ***
## fesisDenmark.2017 -0.580800 0.057093 -10.1728 < 2.2e-16 ***
## fesisUnitedKingdom.2000 -0.181713 0.045821 -3.9657 8.207e-05 ***
## fesisUnitedKingdom.2016 -0.530245 0.052338 -10.1311 < 2.2e-16 ***
## fesisLuxembourg.1995 -0.761868 0.090861 -8.3849 3.672e-16 ***
## fesisLuxembourg.1997 0.326748 0.089066 3.6686 0.0002657 ***
## fesisLuxembourg.2013 -0.411125 0.073199 -5.6166 2.990e-08 ***
## fesisLuxembourg.2016 -0.801640 0.078086 -10.2662 < 2.2e-16 ***
## fesisNetherlands.2014 0.254261 0.044543 5.7083 1.801e-08 ***
## fesisJapan.2011 0.498877 0.042354 11.7789 < 2.2e-16 ***
## fesisAustralia.2008 0.223291 0.044234 5.0480 5.941e-07 ***
## fesisNewZealand.1997 0.516830 0.052332 9.8759 < 2.2e-16 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## Diagnostics and fit:
##
## Chi-sq df p-value
## Ljung-Box AR(1) 147.410 1 < 2.2e-16 ***
## Ljung-Box ARCH(1) 43.838 1 3.568e-11 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## SE of regression 0.10540
## R-squared 0.99699
## Log-lik.(n=672) 596.49970
## [1] "Formula: l_edgar_v7 ~ lgdp_wb + lpop + lgdp_wb_sq"
## [1] "EU15+selected (1990:2021); p.value: 0.001; AR: 0"
##
## Date: Mon Oct 31 15:08:52 2022
## Dependent var.: y
## Method: Ordinary Least Squares (OLS)
## Variance-Covariance: Ordinary
## No. of observations (mean eq.): 672
## Sample: 1 to 672
##
## SPECIFIC mean equation:
##
## coef std.error t-stat p-value
## lgdp_wb -0.817077 0.546288 -1.4957 0.135260
## lpop 0.181631 0.223586 0.8124 0.416909
## lgdp_wb_sq 0.017488 0.010776 1.6228 0.105163
## idAustria -2.067684 0.140595 -14.7067 < 2.2e-16 ***
## idBelgium -1.722537 0.097834 -17.6067 < 2.2e-16 ***
## idCanada -0.497651 0.098209 -5.0673 5.378e-07 ***
## idDenmark -1.303872 0.217869 -5.9847 3.728e-09 ***
## idFinland -1.498084 0.213437 -7.0189 6.059e-12 ***
## idFrance -1.589045 0.208540 -7.6198 9.933e-14 ***
## idGermany 0.306835 0.246388 1.2453 0.213494
## idGreece -1.135214 0.092827 -12.2294 < 2.2e-16 ***
## idIreland -2.029428 0.257696 -7.8753 1.596e-14 ***
## idItaly -0.510643 0.201389 -2.5356 0.011477 *
## idJapan 0.345448 0.325986 1.0597 0.289705
## idLuxembourg -3.520659 0.695111 -5.0649 5.444e-07 ***
## idNetherlands -0.948198 0.043433 -21.8313 < 2.2e-16 ***
## idNewZealand -3.122868 0.267154 -11.6894 < 2.2e-16 ***
## idPortugal -1.842044 0.097931 -18.8096 < 2.2e-16 ***
## idSpain -0.832314 0.171804 -4.8446 1.617e-06 ***
## idSweden -2.548247 0.125902 -20.2399 < 2.2e-16 ***
## idSwitzerland -3.889692 0.189112 -20.5682 < 2.2e-16 ***
## idUnitedKingdom -0.224938 0.195465 -1.1508 0.250279
## idUnitedStates 1.609602 0.440306 3.6556 0.000279 ***
## time1990 18.118241 8.299286 2.1831 0.029414 *
## time1991 18.180568 8.299952 2.1904 0.028876 *
## time1992 18.175267 8.300291 2.1897 0.028929 *
## time1993 18.132780 8.300866 2.1844 0.029315 *
## time1994 18.145506 8.300344 2.1861 0.029192 *
## time1995 18.180370 8.299483 2.1905 0.028868 *
## time1996 18.215050 8.299105 2.1948 0.028558 *
## time1997 18.198115 8.296962 2.1933 0.028665 *
## time1998 18.228218 8.296027 2.1972 0.028385 *
## time1999 18.227580 8.294958 2.1974 0.028371 *
## time2000 18.221359 8.293630 2.1970 0.028399 *
## time2001 18.254225 8.293428 2.2010 0.028112 *
## time2002 18.277486 8.292963 2.2040 0.027904 *
## time2003 18.313912 8.293059 2.2083 0.027597 *
## time2004 18.329838 8.292313 2.2105 0.027449 *
## time2005 18.324998 8.292017 2.2100 0.027484 *
## time2006 18.332255 8.291439 2.2110 0.027413 *
## time2007 18.304511 8.290960 2.2078 0.027637 *
## time2008 18.240596 8.291708 2.1999 0.028197 *
## time2009 18.186066 8.294470 2.1926 0.028722 *
## time2010 18.208791 8.294063 2.1954 0.028516 *
## time2011 18.124473 8.294343 2.1852 0.029262 *
## time2012 18.116696 8.294879 2.1841 0.029342 *
## time2013 18.067212 8.294390 2.1782 0.029776 *
## time2014 17.982385 8.294229 2.1681 0.030546 *
## time2015 17.966794 8.293820 2.1663 0.030682 *
## time2016 17.953853 8.293143 2.1649 0.030788 *
## time2017 17.977415 8.292601 2.1679 0.030559 *
## time2018 17.913852 8.292205 2.1603 0.031142 *
## time2019 17.818166 8.292016 2.1488 0.032046 *
## time2020 17.714066 8.295420 2.1354 0.033132 *
## time2021 17.751317 8.293113 2.1405 0.032717 *
## iis415 -1.983233 0.124999 -15.8660 < 2.2e-16 ***
## iis416 -1.874636 0.124432 -15.0655 < 2.2e-16 ***
## iis417 -1.605888 0.123980 -12.9528 < 2.2e-16 ***
## iis418 -1.065042 0.123771 -8.6050 < 2.2e-16 ***
## fesisSwitzerland.2015 0.301645 0.051818 5.8213 9.510e-09 ***
## fesisDenmark.2004 -0.472382 0.045964 -10.2772 < 2.2e-16 ***
## fesisDenmark.2017 -0.595361 0.062217 -9.5691 < 2.2e-16 ***
## fesisUnitedKingdom.2015 -0.537102 0.051277 -10.4745 < 2.2e-16 ***
## fesisLuxembourg.1995 -0.786376 0.098975 -7.9452 9.596e-15 ***
## fesisLuxembourg.1997 -0.599302 0.144473 -4.1482 3.834e-05 ***
## fesisLuxembourg.1998 0.907411 0.125612 7.2239 1.537e-12 ***
## fesisLuxembourg.2013 -0.443309 0.079627 -5.5673 3.902e-08 ***
## fesisLuxembourg.2016 -0.810034 0.085006 -9.5291 < 2.2e-16 ***
## fesisJapan.2011 0.503826 0.045992 10.9546 < 2.2e-16 ***
## fesisAustralia.2008 0.265703 0.046564 5.7063 1.814e-08 ***
## fesisNewZealand.1997 0.508805 0.056373 9.0258 < 2.2e-16 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## Diagnostics and fit:
##
## Chi-sq df p-value
## Ljung-Box AR(1) 189.044 1 < 2.2e-16 ***
## Ljung-Box ARCH(1) 53.395 1 2.728e-13 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## SE of regression 0.11501
## R-squared 0.99638
## Log-lik.(n=672) 535.31080CCE
Note: This is a preliminary implementation of the Common Correlated Effects estimator following the method outlined in the code sample provided by Felix a few weeks ago. The manual implementation using plm and the dedicated pcce function (both from the plm package in R) yield identical coefficient estimates to the fourth decimal place. We are concerned about this discrepancy.
I will provide more in-depth updates in the meeting. Mainly, it would be great to get more eyes on these results and the implementation to ensure minimal errors!
## [1] "Formula: pcce(l_edgar_v7 ~ lgdp_wb + lpop + lgdp_wb_sq)"
## [1] "EU15+selected (1990:2021); p.value: 0.05; AR: 0"
##
## Date: Wed Nov 9 22:49:41 2022
## Dependent var.: y
## Method: Ordinary Least Squares (OLS)
## Variance-Covariance: Ordinary
## No. of observations (mean eq.): 672
## Sample: 1 to 672
##
## SPECIFIC mean equation:
##
## coef std.error t-stat p-value
## lgdp_wb 6.7162e-02 4.0032e+00 0.0168 0.9866209
## lpop -1.1497e+00 5.5356e-01 -2.0770 0.0383008 *
## lgdp_wb_sq -2.3109e-03 7.4751e-02 -0.0309 0.9753492
## mean_l_emissions_data_australia 1.0453e+00 5.7449e-01 1.8195 0.0694162 .
## mean_l_emissions_data_austria 1.2007e+00 5.8713e-01 2.0450 0.0413650 *
## mean_l_emissions_data_belgium 8.8352e-01 5.8687e-01 1.5055 0.1328224
## mean_l_emissions_data_canada 8.9774e-01 5.8702e-01 1.5293 0.1267993
## mean_l_emissions_data_denmark 2.2945e+00 5.8787e-01 3.9031 0.0001077 ***
## mean_l_emissions_data_finland 2.2188e+00 5.8787e-01 3.7744 0.0001792 ***
## mean_l_emissions_data_france 1.4668e+00 5.8813e-01 2.4941 0.0129436 *
## mean_l_emissions_data_germany 1.5495e+00 5.8711e-01 2.6392 0.0085640 **
## mean_l_emissions_data_greece 2.1315e+00 5.9469e-01 3.5842 0.0003704 ***
## mean_l_emissions_data_ireland 1.0079e+00 6.0018e-01 1.6794 0.0936867 .
## mean_l_emissions_data_italy 1.5119e+00 5.8879e-01 2.5677 0.0105192 *
## mean_l_emissions_data_japan 1.4266e+00 5.8734e-01 2.4288 0.0154909 *
## mean_l_emissions_data_luxembourg 9.4948e-01 6.4838e-01 1.4644 0.1437060
## mean_l_emissions_data_netherlands 1.1567e+00 5.8779e-01 1.9679 0.0496140 *
## mean_l_emissions_data_new_zealand 1.6334e+00 6.2389e-01 2.6181 0.0091050 **
## mean_l_emissions_data_portugal 6.0903e-01 6.2040e-01 0.9817 0.3267225
## mean_l_emissions_data_spain 1.9309e+00 5.9595e-01 3.2400 0.0012730 **
## mean_l_emissions_data_sweden 1.5718e+00 6.0292e-01 2.6069 0.0094024 **
## mean_l_emissions_data_switzerland 6.8623e-01 5.8662e-01 1.1698 0.2426268
## mean_l_emissions_data_united_kingdom 1.7998e+00 6.0204e-01 2.9895 0.0029289 **
## mean_l_emissions_data_united_states 1.0721e+00 5.8726e-01 1.8256 0.0684917 .
## mean_lgdp_data_australia -1.4087e+01 1.1172e+01 -1.2609 0.2079137
## mean_lgdp_data_austria -7.4702e+01 4.5222e+01 -1.6519 0.0991691 .
## mean_lgdp_data_belgium -3.5704e+01 4.5262e+01 -0.7888 0.4305877
## mean_lgdp_data_canada -1.4454e+01 4.5584e+01 -0.3171 0.7513134
## mean_lgdp_data_denmark -4.4987e+01 4.8683e+01 -0.9241 0.3558730
## mean_lgdp_data_finland -5.4024e+01 4.8593e+01 -1.1118 0.2667593
## mean_lgdp_data_france -2.3332e+01 4.8443e+01 -0.4816 0.6302698
## mean_lgdp_data_germany -1.4450e+02 4.6240e+01 -3.1250 0.0018789 **
## mean_lgdp_data_greece -4.5071e+01 4.6421e+01 -0.9709 0.3320399
## mean_lgdp_data_ireland -9.9432e+00 4.8328e+01 -0.2057 0.8370734
## mean_lgdp_data_italy -8.4476e+01 4.5274e+01 -1.8659 0.0626301 .
## mean_lgdp_data_japan -1.2286e+02 4.6218e+01 -2.6583 0.0080984 **
## mean_lgdp_data_luxembourg -5.1131e+01 5.3121e+01 -0.9626 0.3362263
## mean_lgdp_data_netherlands -7.8462e+01 4.8986e+01 -1.6017 0.1098359
## mean_lgdp_data_new_zealand 8.3813e+01 5.0446e+01 1.6614 0.0972404 .
## mean_lgdp_data_portugal -4.4678e+01 4.6986e+01 -0.9509 0.3421069
## mean_lgdp_data_spain -1.1528e+02 4.5499e+01 -2.5336 0.0115877 *
## mean_lgdp_data_sweden 6.6890e+00 4.6448e+01 0.1440 0.8855498
## mean_lgdp_data_switzerland -5.2974e+01 4.5593e+01 -1.1619 0.2458225
## mean_lgdp_data_united_kingdom -1.2320e+02 4.6776e+01 -2.6338 0.0086989 **
## mean_lgdp_data_united_states -5.2225e+00 4.5377e+01 -0.1151 0.9084191
## mean_lpop_data_australia 1.3443e+01 8.9635e+00 1.4997 0.1343066
## mean_lpop_data_austria 9.4545e+00 8.5599e+00 1.1045 0.2698902
## mean_lpop_data_belgium 7.6391e+00 8.5780e+00 0.8905 0.3735920
## mean_lpop_data_canada 6.0352e+00 8.5883e+00 0.7027 0.4825471
## mean_lpop_data_denmark 1.0666e+01 8.5519e+00 1.2472 0.2129031
## mean_lpop_data_finland 1.1068e+01 8.5560e+00 1.2936 0.1963731
## mean_lpop_data_france 1.0523e+01 8.5690e+00 1.2281 0.2199871
## mean_lpop_data_germany 9.5643e+00 8.5572e+00 1.1177 0.2642265
## mean_lpop_data_greece 1.0381e+01 8.5557e+00 1.2133 0.2255561
## mean_lpop_data_ireland 7.9994e+00 8.6424e+00 0.9256 0.3550913
## mean_lpop_data_italy 7.5178e+00 8.5697e+00 0.8773 0.3807587
## mean_lpop_data_japan 1.5469e+01 8.5491e+00 1.8094 0.0709760 .
## mean_lpop_data_luxembourg 1.1379e+01 8.9218e+00 1.2754 0.2027550
## mean_lpop_data_netherlands 1.1032e+01 8.5561e+00 1.2894 0.1978453
## mean_lpop_data_new_zealand 7.1610e+00 8.6401e+00 0.8288 0.4075946
## mean_lpop_data_portugal 1.7241e+00 8.5644e+00 0.2013 0.8405331
## mean_lpop_data_spain 5.1783e+00 8.6343e+00 0.5997 0.5489426
## mean_lpop_data_sweden 1.5858e+01 8.5913e+00 1.8458 0.0655007 .
## mean_lpop_data_switzerland 9.9116e+00 8.5959e+00 1.1531 0.2494245
## mean_lpop_data_united_kingdom 9.6645e+00 8.5879e+00 1.1254 0.2609637
## mean_lpop_data_united_states 9.1149e+00 8.5852e+00 1.0617 0.2888702
## mean_lgdp_sq_data_australia 2.4195e-01 1.8834e-01 1.2847 0.1994890
## mean_lgdp_sq_data_austria 1.3684e+00 8.2960e-01 1.6495 0.0996652 .
## mean_lgdp_sq_data_belgium 6.3753e-01 8.3036e-01 0.7678 0.4429762
## mean_lgdp_sq_data_canada 2.7117e-01 8.3674e-01 0.3241 0.7460084
## mean_lgdp_sq_data_denmark 7.7088e-01 8.9396e-01 0.8623 0.3889181
## mean_lgdp_sq_data_finland 9.6982e-01 8.9216e-01 1.0871 0.2775238
## mean_lgdp_sq_data_france 4.1657e-01 8.9070e-01 0.4677 0.6402082
## mean_lgdp_sq_data_germany 2.6538e+00 8.4902e-01 3.1257 0.0018744 **
## mean_lgdp_sq_data_greece 8.0803e-01 8.5154e-01 0.9489 0.3431168
## mean_lgdp_sq_data_ireland 1.7913e-01 8.8453e-01 0.2025 0.8395975
## mean_lgdp_sq_data_italy 1.5566e+00 8.3061e-01 1.8740 0.0615007 .
## mean_lgdp_sq_data_japan 2.2374e+00 8.4884e-01 2.6358 0.0086492 **
## mean_lgdp_sq_data_luxembourg 8.9564e-01 9.7674e-01 0.9170 0.3595871
## mean_lgdp_sq_data_netherlands 1.4293e+00 8.9925e-01 1.5895 0.1125695
## mean_lgdp_sq_data_new_zealand -1.5353e+00 9.2611e-01 -1.6578 0.0979749 .
## mean_lgdp_sq_data_portugal 8.5008e-01 8.6163e-01 0.9866 0.3243113
## mean_lgdp_sq_data_spain 2.1541e+00 8.3532e-01 2.5788 0.0101933 *
## mean_lgdp_sq_data_sweden -1.8854e-01 8.5384e-01 -0.2208 0.8253266
## mean_lgdp_sq_data_switzerland 9.6990e-01 8.3658e-01 1.1594 0.2468478
## mean_lgdp_sq_data_united_kingdom 2.2580e+00 8.6071e-01 2.6235 0.0089637 **
## mean_lgdp_sq_data_united_states 8.1799e-02 8.3272e-01 0.0982 0.9217873
## idAustria 8.7438e+02 5.6314e+02 1.5527 0.1211153
## idBelgium 3.8994e+02 5.6440e+02 0.6909 0.4899415
## idCanada 1.1315e+02 5.6455e+02 0.2004 0.8412344
## idDenmark 4.7719e+02 6.1373e+02 0.7775 0.4372060
## idFinland 5.6961e+02 6.1018e+02 0.9335 0.3509945
## idFrance 1.6637e+02 6.0760e+02 0.2738 0.7843328
## idGermany 1.8199e+03 5.6895e+02 3.1987 0.0014661 **
## idGreece 4.5997e+02 5.7318e+02 0.8025 0.4226446
## idIreland 2.0270e+01 5.9194e+02 0.0342 0.9726969
## idItaly 1.0341e+03 5.6744e+02 1.8224 0.0689767 .
## idJapan 1.4442e+03 5.6936e+02 2.5365 0.0114929 *
## idLuxembourg 5.4848e+02 6.6591e+02 0.8236 0.4105222
## idNetherlands 9.0764e+02 6.1680e+02 1.4715 0.1417580
## idNewZealand -1.2516e+03 6.3448e+02 -1.9727 0.0490648 *
## idPortugal 5.7749e+02 5.8017e+02 0.9954 0.3200245
## idSpain 1.4623e+03 5.6433e+02 2.5913 0.0098354 **
## idSweden -2.9556e+02 5.8295e+02 -0.5070 0.6123718
## idSwitzerland 5.7498e+02 5.6738e+02 1.0134 0.3113574
## idUnitedKingdom 1.5287e+03 5.8255e+02 2.6242 0.0089445 **
## idUnitedStates -4.4881e+01 5.6970e+02 -0.0788 0.9372386
## time1990 7.5492e-01 9.0083e-01 0.8380 0.4024052
## time1991 6.8348e-01 8.1100e-01 0.8428 0.3997546
## time1992 6.2136e-01 7.6391e-01 0.8134 0.4163697
## time1993 6.3104e-01 7.4261e-01 0.8498 0.3958550
## time1994 6.1088e-01 7.1424e-01 0.8553 0.3927942
## time1995 6.2801e-01 6.9570e-01 0.9027 0.3671065
## time1996 5.8004e-01 6.5356e-01 0.8875 0.3752221
## time1997 6.5364e-01 6.5474e-01 0.9983 0.3185969
## time1998 7.2243e-01 6.5735e-01 1.0990 0.2722836
## time1999 7.3114e-01 6.5142e-01 1.1224 0.2622273
## time2000 7.1347e-01 6.3695e-01 1.1201 0.2631874
## time2001 6.3872e-01 5.7497e-01 1.1109 0.2671478
## time2002 5.3082e-01 4.9921e-01 1.0633 0.2881404
## time2003 4.7483e-01 4.3705e-01 1.0864 0.2777937
## time2004 4.3676e-01 4.0796e-01 1.0706 0.2848566
## time2005 4.1035e-01 3.6757e-01 1.1164 0.2647864
## time2006 3.6039e-01 3.2928e-01 1.0945 0.2742624
## time2007 3.4440e-01 3.1019e-01 1.1103 0.2673947
## time2008 2.8931e-01 2.6704e-01 1.0834 0.2791509
## time2009 2.3153e-01 2.1737e-01 1.0652 0.2873077
## time2010 1.7003e-01 1.6702e-01 1.0180 0.3091478
## time2011 1.3914e-01 1.5074e-01 0.9230 0.3564269
## time2012 7.8105e-02 1.1104e-01 0.7034 0.4821276
## time2013 7.6363e-02 9.8714e-02 0.7736 0.4395353
## time2014 6.8467e-02 9.3790e-02 0.7300 0.4657214
## time2015 5.0424e-02 7.3802e-02 0.6832 0.4947718
## time2016 6.0612e-02 5.3880e-02 1.1249 0.2611417
## time2017 5.7662e-03 3.1960e-02 0.1804 0.8568951
## iis135 2.8598e-01 8.4397e-02 3.3885 0.0007569 ***
## iis176 -3.3786e-01 7.9735e-02 -4.2372 2.684e-05 ***
## iis390 -5.4044e-01 8.1843e-02 -6.6033 1.008e-10 ***
## iis391 -7.0762e-01 8.3015e-02 -8.5241 < 2.2e-16 ***
## iis392 -1.1745e+00 8.3886e-02 -14.0010 < 2.2e-16 ***
## iis393 -2.1924e+00 8.9172e-02 -24.5868 < 2.2e-16 ***
## iis394 -2.0050e+00 9.6913e-02 -20.6888 < 2.2e-16 ***
## iis395 -1.6538e+00 1.0378e-01 -15.9358 < 2.2e-16 ***
## iis396 -1.0505e+00 9.5783e-02 -10.9677 < 2.2e-16 ***
## iis451 2.4088e-01 8.8285e-02 2.7284 0.0065822 **
## iis508 2.1731e-01 8.4878e-02 2.5602 0.0107465 *
## iis512 -3.0229e-01 9.2617e-02 -3.2639 0.0011725 **
## iis551 3.4234e-01 7.9562e-02 4.3028 2.021e-05 ***
## fesisDenmark.1994 2.0348e-01 7.0689e-02 2.8785 0.0041624 **
## fesisFinland.1994 2.3075e-01 6.6301e-02 3.4803 0.0005437 ***
## fesisFrance.1993 -3.8993e-01 6.5025e-02 -5.9966 3.809e-09 ***
## fesisLuxembourg.2004 2.8484e-01 8.0758e-02 3.5270 0.0004580 ***
## fesisLuxembourg.2013 -4.3549e-01 8.1055e-02 -5.3728 1.179e-07 ***
## fesisLuxembourg.2016 -6.8238e-01 8.5346e-02 -7.9955 8.647e-15 ***
## fesisNetherlands.1995 1.9361e-01 7.0248e-02 2.7561 0.0060576 **
## fesisNewZealand.1994 -1.8811e-01 7.2957e-02 -2.5783 0.0102069 *
## fesisNewZealand.2019 2.9030e-01 7.9263e-02 3.6625 0.0002757 ***
## fesisPortugal.2019 -2.9489e-01 8.4298e-02 -3.4981 0.0005093 ***
## fesisSweden.2016 2.9880e-01 7.7824e-02 3.8394 0.0001388 ***
## fesisUnitedKingdom.2016 -3.6038e-01 7.7177e-02 -4.6695 3.862e-06 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## Diagnostics and fit:
##
## Chi-sq df p-value
## Ljung-Box AR(1) 7.9497 1 0.00481 **
## Ljung-Box ARCH(1) 5.8977 1 0.01516 *
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## SE of regression 0.07345
## R-squared 0.99874
## Log-lik.(n=672) 881.20023
## [1] "Formula: pcce(l_edgar_v7 ~ lgdp_wb + lpop + lgdp_wb_sq)"
## [1] "EU15+selected (1990:2021); p.value: 0.01; AR: 0"
##
## Date: Wed Nov 9 22:54:27 2022
## Dependent var.: y
## Method: Ordinary Least Squares (OLS)
## Variance-Covariance: Ordinary
## No. of observations (mean eq.): 672
## Sample: 1 to 672
##
## SPECIFIC mean equation:
##
## coef std.error t-stat p-value
## lgdp_wb -3.776482 4.215650 -0.8958 0.370761
## lpop -0.733658 0.581564 -1.2615 0.207685
## lgdp_wb_sq 0.067396 0.078813 0.8551 0.392871
## mean_l_emissions_data_australia 0.874616 0.622352 1.4053 0.160517
## mean_l_emissions_data_austria 1.032333 0.636039 1.6231 0.105182
## mean_l_emissions_data_belgium 0.693888 0.635415 1.0920 0.275328
## mean_l_emissions_data_canada 0.716845 0.636057 1.1270 0.260256
## mean_l_emissions_data_denmark 2.088407 0.637109 3.2779 0.001116 **
## mean_l_emissions_data_finland 1.848671 0.635408 2.9094 0.003776 **
## mean_l_emissions_data_france 1.240551 0.636519 1.9490 0.051837 .
## mean_l_emissions_data_germany 1.386972 0.636347 2.1796 0.029736 *
## mean_l_emissions_data_greece 1.973957 0.642174 3.0739 0.002224 **
## mean_l_emissions_data_ireland 0.641644 0.649378 0.9881 0.323568
## mean_l_emissions_data_italy 1.272429 0.636926 1.9978 0.046263 *
## mean_l_emissions_data_japan 1.203827 0.635835 1.8933 0.058873 .
## mean_l_emissions_data_luxembourg 0.837555 0.703395 1.1907 0.234302
## mean_l_emissions_data_netherlands 0.855701 0.635223 1.3471 0.178539
## mean_l_emissions_data_new_zealand 1.061227 0.637958 1.6635 0.096820 .
## mean_l_emissions_data_portugal 0.246109 0.669000 0.3679 0.713115
## mean_l_emissions_data_spain 1.655382 0.643454 2.5727 0.010369 *
## mean_l_emissions_data_sweden 0.855748 0.637503 1.3423 0.180071
## mean_l_emissions_data_switzerland 0.507655 0.635504 0.7988 0.424758
## mean_l_emissions_data_united_kingdom 1.566237 0.652254 2.4013 0.016688 *
## mean_l_emissions_data_united_states 0.892751 0.635632 1.4045 0.160764
## mean_lgdp_data_australia -6.973279 12.102909 -0.5762 0.564753
## mean_lgdp_data_austria -70.154957 49.206499 -1.4257 0.154548
## mean_lgdp_data_belgium -30.710567 49.245217 -0.6236 0.533147
## mean_lgdp_data_canada -10.624609 49.586305 -0.2143 0.830424
## mean_lgdp_data_denmark -41.106004 52.959539 -0.7762 0.437997
## mean_lgdp_data_finland 20.510036 49.248718 0.4165 0.677247
## mean_lgdp_data_france -17.974512 52.711069 -0.3410 0.733241
## mean_lgdp_data_germany -141.383296 50.274097 -2.8122 0.005106 **
## mean_lgdp_data_greece -40.190169 50.418243 -0.7971 0.425736
## mean_lgdp_data_ireland 15.802838 52.377457 0.3017 0.762993
## mean_lgdp_data_italy -77.684928 49.240978 -1.5776 0.115255
## mean_lgdp_data_japan -118.412094 50.255513 -2.3562 0.018833 *
## mean_lgdp_data_luxembourg -37.191090 57.771021 -0.6438 0.520010
## mean_lgdp_data_netherlands -23.509247 49.324911 -0.4766 0.633833
## mean_lgdp_data_new_zealand 53.124266 49.893365 1.0648 0.287480
## mean_lgdp_data_portugal -49.873979 50.829186 -0.9812 0.326947
## mean_lgdp_data_spain -108.474034 49.502104 -2.1913 0.028873 *
## mean_lgdp_data_sweden -25.184022 49.494954 -0.5088 0.611094
## mean_lgdp_data_switzerland -50.015229 49.604329 -1.0083 0.313787
## mean_lgdp_data_united_kingdom -115.657459 50.881413 -2.2731 0.023429 *
## mean_lgdp_data_united_states -7.904476 49.371442 -0.1601 0.872863
## mean_lpop_data_australia 10.288544 9.711310 1.0594 0.289892
## mean_lpop_data_austria 7.097567 9.283269 0.7646 0.444884
## mean_lpop_data_belgium 5.029208 9.296989 0.5410 0.588774
## mean_lpop_data_canada 3.142662 9.306921 0.3377 0.735749
## mean_lpop_data_denmark 8.045234 9.278138 0.8671 0.386278
## mean_lpop_data_finland 9.262760 9.280533 0.9981 0.318702
## mean_lpop_data_france 7.829045 9.290046 0.8427 0.399764
## mean_lpop_data_germany 7.473301 9.290218 0.8044 0.421518
## mean_lpop_data_greece 7.397017 9.282478 0.7969 0.425885
## mean_lpop_data_ireland 4.152878 9.357507 0.4438 0.657371
## mean_lpop_data_italy 5.054093 9.288893 0.5441 0.586605
## mean_lpop_data_japan 13.186075 9.275582 1.4216 0.155745
## mean_lpop_data_luxembourg 9.386125 9.641426 0.9735 0.330747
## mean_lpop_data_netherlands 8.226882 9.277818 0.8867 0.375636
## mean_lpop_data_new_zealand 3.668435 9.320052 0.3936 0.694033
## mean_lpop_data_portugal -1.740982 9.288377 -0.1874 0.851391
## mean_lpop_data_spain 2.021233 9.345461 0.2163 0.828855
## mean_lpop_data_sweden 10.523492 9.287964 1.1330 0.257726
## mean_lpop_data_switzerland 7.157220 9.313459 0.7685 0.442550
## mean_lpop_data_united_kingdom 6.900079 9.309611 0.7412 0.458920
## mean_lpop_data_united_states 6.080823 9.306002 0.6534 0.513768
## mean_lgdp_sq_data_australia 0.116326 0.203917 0.5705 0.568615
## mean_lgdp_sq_data_austria 1.291722 0.902716 1.4309 0.153051
## mean_lgdp_sq_data_belgium 0.553343 0.903472 0.6125 0.540499
## mean_lgdp_sq_data_canada 0.205568 0.910170 0.2259 0.821402
## mean_lgdp_sq_data_denmark 0.707952 0.972521 0.7280 0.466968
## mean_lgdp_sq_data_finland -0.403889 0.903257 -0.4471 0.654954
## mean_lgdp_sq_data_france 0.322123 0.969188 0.3324 0.739748
## mean_lgdp_sq_data_germany 2.599296 0.923035 2.8160 0.005047 **
## mean_lgdp_sq_data_greece 0.729418 0.924814 0.7887 0.430636
## mean_lgdp_sq_data_ireland -0.278253 0.958796 -0.2902 0.771771
## mean_lgdp_sq_data_italy 1.436272 0.903455 1.5898 0.112498
## mean_lgdp_sq_data_japan 2.159220 0.922929 2.3395 0.019686 *
## mean_lgdp_sq_data_luxembourg 0.648692 1.062285 0.6107 0.541693
## mean_lgdp_sq_data_netherlands 0.421937 0.904837 0.4663 0.641187
## mean_lgdp_sq_data_new_zealand -0.953418 0.914915 -1.0421 0.297857
## mean_lgdp_sq_data_portugal 0.962503 0.931818 1.0329 0.302117
## mean_lgdp_sq_data_spain 2.035799 0.908832 2.2400 0.025511 *
## mean_lgdp_sq_data_sweden 0.431661 0.908385 0.4752 0.634847
## mean_lgdp_sq_data_switzerland 0.922280 0.910227 1.0132 0.311415
## mean_lgdp_sq_data_united_kingdom 2.123064 0.936249 2.2676 0.023761 *
## mean_lgdp_sq_data_united_states 0.130757 0.905971 0.1443 0.885297
## idAustria 894.890658 612.789122 1.4604 0.144796
## idBelgium 408.260485 614.058428 0.6649 0.506437
## idCanada 153.526579 614.261896 0.2499 0.802735
## idDenmark 510.546155 667.398783 0.7650 0.444631
## idFinland -358.270038 611.931537 -0.5855 0.558483
## idFrance 183.433286 661.092513 0.2775 0.781530
## idGermany 1857.420248 618.906358 3.0011 0.002819 **
## idGreece 482.958926 622.844943 0.7754 0.438451
## idIreland -226.421111 642.043362 -0.3527 0.724488
## idItaly 1027.687206 617.057752 1.6655 0.096423 .
## idJapan 1466.524029 619.387089 2.3677 0.018264 *
## idLuxembourg 433.745032 724.315865 0.5988 0.549544
## idNetherlands 256.235430 613.838383 0.4174 0.676535
## idNewZealand -737.993271 618.269099 -1.1936 0.233161
## idPortugal 743.077876 626.985600 1.1852 0.236496
## idSpain 1466.219116 614.125061 2.3875 0.017320 *
## idSweden 254.103444 616.961119 0.4119 0.680610
## idSwitzerland 623.982252 617.280428 1.0109 0.312555
## idUnitedKingdom 1517.665054 633.889188 2.3942 0.017009 *
## idUnitedStates 88.536665 619.682851 0.1429 0.886445
## time1990 0.566822 0.979046 0.5790 0.562871
## time1991 0.528416 0.881598 0.5994 0.549177
## time1992 0.490436 0.830443 0.5906 0.555064
## time1993 0.489847 0.807289 0.6068 0.544261
## time1994 0.476595 0.776543 0.6137 0.539656
## time1995 0.504300 0.756382 0.6667 0.505243
## time1996 0.469561 0.710628 0.6608 0.509053
## time1997 0.535118 0.711802 0.7518 0.452524
## time1998 0.595236 0.714540 0.8330 0.405208
## time1999 0.600544 0.708020 0.8482 0.396715
## time2000 0.581687 0.692241 0.8403 0.401129
## time2001 0.530150 0.625001 0.8482 0.396696
## time2002 0.452321 0.542798 0.8333 0.405051
## time2003 0.417428 0.475303 0.8782 0.380221
## time2004 0.383139 0.443657 0.8636 0.388210
## time2005 0.348998 0.399734 0.8731 0.383024
## time2006 0.323634 0.358133 0.9037 0.366589
## time2007 0.306683 0.337337 0.9091 0.363703
## time2008 0.258265 0.290435 0.8892 0.374289
## time2009 0.216787 0.236448 0.9168 0.359646
## time2010 0.171006 0.181640 0.9415 0.346908
## time2011 0.134787 0.163956 0.8221 0.411401
## time2012 0.087323 0.120629 0.7239 0.469455
## time2013 0.078721 0.107268 0.7339 0.463357
## time2014 0.057523 0.101982 0.5641 0.572961
## time2015 0.038536 0.080208 0.4805 0.631107
## time2016 0.062008 0.058621 1.0578 0.290652
## time2017 0.025068 0.034337 0.7300 0.465689
## iis135 0.280458 0.091826 3.0542 0.002372 **
## iis390 -0.549942 0.088970 -6.1812 1.286e-09 ***
## iis391 -0.731914 0.090219 -8.1126 3.592e-15 ***
## iis392 -1.190416 0.091204 -13.0523 < 2.2e-16 ***
## iis393 -2.193335 0.096984 -22.6153 < 2.2e-16 ***
## iis394 -1.991231 0.105368 -18.8978 < 2.2e-16 ***
## iis395 -1.629517 0.112783 -14.4482 < 2.2e-16 ***
## iis396 -1.036792 0.104177 -9.9522 < 2.2e-16 ***
## iis512 -0.310871 0.100765 -3.0851 0.002143 **
## iis551 0.357051 0.086191 4.1426 4.008e-05 ***
## fesisDenmark.1994 0.212348 0.076561 2.7736 0.005743 **
## fesisFrance.1993 -0.386466 0.070632 -5.4716 6.945e-08 ***
## fesisLuxembourg.2004 0.289639 0.087774 3.2998 0.001034 **
## fesisLuxembourg.2013 -0.424495 0.088107 -4.8180 1.906e-06 ***
## fesisLuxembourg.2016 -0.701134 0.092736 -7.5605 1.829e-13 ***
## fesisPortugal.2019 -0.365794 0.088268 -4.1441 3.982e-05 ***
## fesisUnitedKingdom.2016 -0.379726 0.083851 -4.5286 7.370e-06 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## Diagnostics and fit:
##
## Chi-sq df p-value
## Ljung-Box AR(1) 15.371 1 8.834e-05 ***
## Ljung-Box ARCH(1) 12.501 1 0.0004066 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## SE of regression 0.07993
## R-squared 0.99849
## Log-lik.(n=672) 820.34116
## [1] "Formula: pcce(l_edgar_v7 ~ lgdp_wb + lpop + lgdp_wb_sq)"
## [1] "EU15+selected (1990:2021); p.value: 0.001; AR: 0"
##
## Date: Wed Nov 9 22:58:54 2022
## Dependent var.: y
## Method: Ordinary Least Squares (OLS)
## Variance-Covariance: Ordinary
## No. of observations (mean eq.): 672
## Sample: 1 to 672
##
## SPECIFIC mean equation:
##
## coef std.error t-stat p-value
## lgdp_wb -3.0770e+00 4.5849e+00 -0.6711 0.502438
## lpop -5.3777e-01 6.3358e-01 -0.8488 0.396391
## lgdp_wb_sq 5.5696e-02 8.5751e-02 0.6495 0.516294
## mean_l_emissions_data_australia 5.4127e-01 6.7498e-01 0.8019 0.422968
## mean_l_emissions_data_austria 6.9297e-01 6.9012e-01 1.0041 0.315772
## mean_l_emissions_data_belgium 3.4824e-01 6.8943e-01 0.5051 0.613691
## mean_l_emissions_data_canada 3.8421e-01 6.9023e-01 0.5566 0.578005
## mean_l_emissions_data_denmark 1.7046e+00 6.9038e-01 2.4691 0.013862 *
## mean_l_emissions_data_finland 1.5032e+00 6.8941e-01 2.1805 0.029665 *
## mean_l_emissions_data_france 9.9783e-01 6.9034e-01 1.4454 0.148933
## mean_l_emissions_data_germany 1.0626e+00 6.9056e-01 1.5387 0.124480
## mean_l_emissions_data_greece 1.5844e+00 6.9627e-01 2.2756 0.023273 *
## mean_l_emissions_data_ireland 3.4746e-01 7.0560e-01 0.4924 0.622620
## mean_l_emissions_data_italy 9.1583e-01 6.9114e-01 1.3251 0.185713
## mean_l_emissions_data_japan 8.5815e-01 6.8999e-01 1.2437 0.214161
## mean_l_emissions_data_luxembourg 7.1622e-01 7.6207e-01 0.9398 0.347735
## mean_l_emissions_data_netherlands 5.2596e-01 6.8935e-01 0.7630 0.445817
## mean_l_emissions_data_new_zealand 7.4615e-01 6.9240e-01 1.0776 0.281694
## mean_l_emissions_data_portugal -8.2371e-02 7.2793e-01 -0.1132 0.909948
## mean_l_emissions_data_spain 1.2724e+00 6.9819e-01 1.8224 0.068957 .
## mean_l_emissions_data_sweden 5.6908e-01 6.9172e-01 0.8227 0.411046
## mean_l_emissions_data_switzerland 1.7278e-01 6.8959e-01 0.2506 0.802256
## mean_l_emissions_data_united_kingdom 1.9415e+00 6.8956e-01 2.8155 0.005052 **
## mean_l_emissions_data_united_states 5.5069e-01 6.8965e-01 0.7985 0.424934
## mean_lgdp_data_australia -1.5000e+00 1.3142e+01 -0.1141 0.909170
## mean_lgdp_data_austria -6.3519e+01 5.3971e+01 -1.1769 0.239764
## mean_lgdp_data_belgium -2.3224e+01 5.4012e+01 -0.4300 0.667384
## mean_lgdp_data_canada -5.6403e+00 5.4383e+01 -0.1037 0.917437
## mean_lgdp_data_denmark 2.5084e+01 5.3985e+01 0.4646 0.642379
## mean_lgdp_data_finland 2.5794e+01 5.4018e+01 0.4775 0.633197
## mean_lgdp_data_france -1.0936e+02 5.4336e+01 -2.0126 0.044665 *
## mean_lgdp_data_germany -1.3648e+02 5.5129e+01 -2.4757 0.013612 *
## mean_lgdp_data_greece -3.9586e+01 5.5277e+01 -0.7161 0.474225
## mean_lgdp_data_ireland 1.7905e+01 5.7415e+01 0.3118 0.755279
## mean_lgdp_data_italy -6.9890e+01 5.4006e+01 -1.2941 0.196195
## mean_lgdp_data_japan -1.1309e+02 5.5111e+01 -2.0520 0.040668 *
## mean_lgdp_data_luxembourg -7.5099e+01 6.1902e+01 -1.2132 0.225601
## mean_lgdp_data_netherlands -2.0331e+01 5.4100e+01 -0.3758 0.707207
## mean_lgdp_data_new_zealand 5.6844e+01 5.4714e+01 1.0389 0.299319
## mean_lgdp_data_portugal -4.2151e+01 5.5660e+01 -0.7573 0.449217
## mean_lgdp_data_spain -1.0138e+02 5.4296e+01 -1.8672 0.062427 .
## mean_lgdp_data_sweden -1.0436e+01 5.4260e+01 -0.1923 0.847558
## mean_lgdp_data_switzerland -4.1581e+01 5.4401e+01 -0.7643 0.445010
## mean_lgdp_data_united_kingdom -6.3670e+01 5.4708e+01 -1.1638 0.245030
## mean_lgdp_data_united_states -4.1800e+00 5.4149e+01 -0.0772 0.938498
## mean_lpop_data_australia 5.0141e+00 1.0532e+01 0.4761 0.634211
## mean_lpop_data_austria 2.2190e+00 1.0058e+01 0.2206 0.825475
## mean_lpop_data_belgium 3.0283e-02 1.0072e+01 0.0030 0.997602
## mean_lpop_data_canada -1.8759e+00 1.0084e+01 -0.1860 0.852501
## mean_lpop_data_denmark 4.3973e+00 1.0053e+01 0.4374 0.661977
## mean_lpop_data_finland 4.5264e+00 1.0058e+01 0.4500 0.652876
## mean_lpop_data_france 1.0621e+00 1.0063e+01 0.1055 0.915989
## mean_lpop_data_germany 2.8536e+00 1.0068e+01 0.2834 0.776954
## mean_lpop_data_greece 2.7830e+00 1.0062e+01 0.2766 0.782210
## mean_lpop_data_ireland -7.2052e-01 1.0144e+01 -0.0710 0.943403
## mean_lpop_data_italy 2.4994e-01 1.0064e+01 0.0248 0.980197
## mean_lpop_data_japan 8.4546e+00 1.0051e+01 0.8412 0.400626
## mean_lpop_data_luxembourg 6.0184e+00 1.0407e+01 0.5783 0.563309
## mean_lpop_data_netherlands 3.4321e+00 1.0053e+01 0.3414 0.732949
## mean_lpop_data_new_zealand -1.4821e+00 1.0094e+01 -0.1468 0.883330
## mean_lpop_data_portugal -5.8475e+00 1.0094e+01 -0.5793 0.562626
## mean_lpop_data_spain -3.0830e+00 1.0126e+01 -0.3045 0.760891
## mean_lpop_data_sweden 6.6075e+00 1.0061e+01 0.6568 0.511625
## mean_lpop_data_switzerland 2.0659e+00 1.0090e+01 0.2047 0.837849
## mean_lpop_data_united_kingdom 5.5394e+00 1.0061e+01 0.5506 0.582154
## mean_lpop_data_united_states 1.1196e+00 1.0085e+01 0.1110 0.911640
## mean_lgdp_sq_data_australia 2.0525e-02 2.2119e-01 0.0928 0.926103
## mean_lgdp_sq_data_austria 1.1738e+00 9.9018e-01 1.1855 0.236369
## mean_lgdp_sq_data_belgium 4.2026e-01 9.9098e-01 0.4241 0.671678
## mean_lgdp_sq_data_canada 1.1842e-01 9.9826e-01 0.1186 0.905613
## mean_lgdp_sq_data_denmark -5.1952e-01 9.9021e-01 -0.5247 0.600041
## mean_lgdp_sq_data_finland -4.9784e-01 9.9077e-01 -0.5025 0.615545
## mean_lgdp_sq_data_france 2.0301e+00 9.9760e-01 2.0350 0.042354 *
## mean_lgdp_sq_data_germany 2.5138e+00 1.0122e+00 2.4835 0.013320 *
## mean_lgdp_sq_data_greece 7.2266e-01 1.0140e+00 0.7127 0.476342
## mean_lgdp_sq_data_ireland -3.1631e-01 1.0511e+00 -0.3009 0.763579
## mean_lgdp_sq_data_italy 1.2977e+00 9.9095e-01 1.3096 0.190906
## mean_lgdp_sq_data_japan 2.0665e+00 1.0121e+00 2.0418 0.041674 *
## mean_lgdp_sq_data_luxembourg 1.3606e+00 1.1373e+00 1.1964 0.232093
## mean_lgdp_sq_data_netherlands 3.6790e-01 9.9247e-01 0.3707 0.711018
## mean_lgdp_sq_data_new_zealand -1.0181e+00 1.0034e+00 -1.0147 0.310700
## mean_lgdp_sq_data_portugal 8.2060e-01 1.0204e+00 0.8042 0.421637
## mean_lgdp_sq_data_spain 1.9102e+00 9.9689e-01 1.9162 0.055886 .
## mean_lgdp_sq_data_sweden 1.5607e-01 9.9584e-01 0.1567 0.875527
## mean_lgdp_sq_data_switzerland 7.7183e-01 9.9831e-01 0.7731 0.439787
## mean_lgdp_sq_data_united_kingdom 1.1387e+00 1.0052e+00 1.1328 0.257797
## mean_lgdp_sq_data_united_states 6.7998e-02 9.9369e-01 0.0684 0.945469
## idAustria 8.7339e+02 6.7256e+02 1.2986 0.194646
## idBelgium 3.7690e+02 6.7392e+02 0.5593 0.576220
## idCanada 1.5604e+02 6.7417e+02 0.2315 0.817050
## idDenmark -3.2759e+02 6.7129e+02 -0.4880 0.625754
## idFinland -3.6294e+02 6.7164e+02 -0.5404 0.589164
## idFrance 1.5033e+03 6.7398e+02 2.2306 0.026131 *
## idGermany 1.8540e+03 6.7922e+02 2.7297 0.006552 **
## idGreece 5.3920e+02 6.8335e+02 0.7890 0.430438
## idIreland -1.8420e+02 7.0407e+02 -0.2616 0.793719
## idItaly 9.8842e+02 6.7713e+02 1.4597 0.144961
## idJapan 1.4589e+03 6.7975e+02 2.1462 0.032310 *
## idLuxembourg 9.8192e+02 7.7589e+02 1.2655 0.206235
## idNetherlands 2.7975e+02 6.7372e+02 0.4152 0.678140
## idNewZealand -7.1512e+02 6.7847e+02 -1.0540 0.292353
## idPortugal 6.9684e+02 6.8764e+02 1.0134 0.311343
## idSpain 1.4418e+03 6.7403e+02 2.1391 0.032887 *
## idSweden 1.1231e+02 6.7663e+02 0.1660 0.868236
## idSwitzerland 5.8117e+02 6.7742e+02 0.8579 0.391331
## idUnitedKingdom 8.3854e+02 6.7747e+02 1.2378 0.216358
## idUnitedStates 1.0590e+02 6.8012e+02 0.1557 0.876319
## time1990 -2.8102e-02 1.0526e+00 -0.0267 0.978712
## time1991 -1.2845e-02 9.4740e-01 -0.0136 0.989188
## time1992 -2.2827e-02 8.9216e-01 -0.0256 0.979597
## time1993 -2.8025e-02 8.6726e-01 -0.0323 0.974234
## time1994 -9.3195e-03 8.3442e-01 -0.0112 0.991093
## time1995 3.5779e-02 8.1301e-01 0.0440 0.964914
## time1996 6.2465e-02 7.6379e-01 0.0818 0.934851
## time1997 1.0357e-01 7.6562e-01 0.1353 0.892446
## time1998 1.7055e-01 7.6911e-01 0.2218 0.824590
## time1999 1.8953e-01 7.6268e-01 0.2485 0.803838
## time2000 1.8902e-01 7.4619e-01 0.2533 0.800123
## time2001 1.7820e-01 6.7375e-01 0.2645 0.791501
## time2002 1.4302e-01 5.8514e-01 0.2444 0.807005
## time2003 1.4684e-01 5.1237e-01 0.2866 0.774541
## time2004 1.4902e-01 4.7856e-01 0.3114 0.755617
## time2005 1.4116e-01 4.3128e-01 0.3273 0.743577
## time2006 1.4456e-01 3.8674e-01 0.3738 0.708714
## time2007 1.4564e-01 3.6469e-01 0.3994 0.689796
## time2008 1.1912e-01 3.1384e-01 0.3796 0.704432
## time2009 1.0065e-01 2.5516e-01 0.3944 0.693413
## time2010 8.7447e-02 1.9617e-01 0.4458 0.655938
## time2011 5.6511e-02 1.7682e-01 0.3196 0.749399
## time2012 3.3383e-02 1.3010e-01 0.2566 0.797585
## time2013 3.2819e-02 1.1551e-01 0.2841 0.776427
## time2014 1.2071e-02 1.0964e-01 0.1101 0.912373
## time2015 9.2510e-03 8.6390e-02 0.1071 0.914763
## time2016 3.0531e-02 6.3310e-02 0.4822 0.629831
## time2017 1.9217e-02 3.7624e-02 0.5108 0.609720
## iis390 -5.6796e-01 9.7285e-02 -5.8381 9.239e-09 ***
## iis391 -7.9888e-01 9.7559e-02 -8.1887 2.006e-15 ***
## iis392 -1.2306e+00 9.8715e-02 -12.4666 < 2.2e-16 ***
## iis393 -2.2409e+00 1.0508e-01 -21.3256 < 2.2e-16 ***
## iis394 -2.0505e+00 1.1424e-01 -17.9499 < 2.2e-16 ***
## iis395 -1.7158e+00 1.2115e-01 -14.1629 < 2.2e-16 ***
## iis396 -1.1463e+00 1.0924e-01 -10.4934 < 2.2e-16 ***
## fesisLuxembourg.2013 -4.9771e-01 9.4649e-02 -5.2585 2.115e-07 ***
## fesisLuxembourg.2016 -7.4863e-01 9.9437e-02 -7.5286 2.238e-13 ***
## fesisPortugal.2019 -4.6727e-01 9.0298e-02 -5.1748 3.250e-07 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## Diagnostics and fit:
##
## Chi-sq df p-value
## Ljung-Box AR(1) 30.9805 1 2.606e-08 ***
## Ljung-Box ARCH(1) 9.8946 1 0.001658 **
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## SE of regression 0.08773
## R-squared 0.99815
## Log-lik.(n=672) 754.27311AR = 1
## [1] "Formula: l_edgar_v7 ~ lgdp_wb + lpop + lgdp_wb_sq"
## [1] "EU15+selected (1990:2021); p.value: 0.01; AR: 1"
##
## Date: Mon Oct 31 15:16:52 2022
## Dependent var.: y
## Method: Ordinary Least Squares (OLS)
## Variance-Covariance: Ordinary
## No. of observations (mean eq.): 651
## Sample: 1 to 651
##
## SPECIFIC mean equation:
##
## coef std.error t-stat p-value
## ar1 0.812601 0.019326 42.0480 < 2.2e-16 ***
## lgdp_wb -0.773941 1.564141 -0.4948 0.6209265
## lpop -3.319895 1.970843 -1.6845 0.0926212 .
## lgdp_wb_sq 0.100029 0.023731 4.2152 2.894e-05 ***
## idAustria -0.479933 0.053142 -9.0311 < 2.2e-16 ***
## idBelgium -0.414458 0.045943 -9.0211 < 2.2e-16 ***
## idCanada -0.108230 0.024267 -4.4599 9.847e-06 ***
## idDenmark -0.304564 0.054285 -5.6104 3.126e-08 ***
## idFinland -0.402255 0.045578 -8.8256 < 2.2e-16 ***
## idFrance -0.284954 0.034747 -8.2009 1.536e-15 ***
## idGermany 0.093123 0.025448 3.6594 0.0002758 ***
## idGreece -0.316393 0.037366 -8.4675 < 2.2e-16 ***
## idIreland -0.505402 0.055543 -9.0992 < 2.2e-16 ***
## idItaly -0.081357 0.023290 -3.4932 0.0005136 ***
## idJapan 0.181221 0.029172 6.2123 9.960e-10 ***
## idLuxembourg -0.862136 0.102908 -8.3777 4.067e-16 ***
## idNetherlands -0.223996 0.031733 -7.0588 4.807e-12 ***
## idNewZealand -0.635694 0.068497 -9.2806 < 2.2e-16 ***
## idPortugal -0.439075 0.049310 -8.9043 < 2.2e-16 ***
## idSpain -0.168052 0.027144 -6.1911 1.130e-09 ***
## idSweden -0.572496 0.060950 -9.3928 < 2.2e-16 ***
## idSwitzerland -0.786230 0.084266 -9.3303 < 2.2e-16 ***
## idUnitedKingdom -0.061537 0.022415 -2.7454 0.0062315 **
## idUnitedStates 0.456445 0.053385 8.5500 < 2.2e-16 ***
## time1991 4.986748 2.166492 2.3018 0.0217015 *
## time1992 4.928014 2.153665 2.2882 0.0224842 *
## time1993 4.801855 2.148864 2.2346 0.0258229 *
## time1994 4.696817 2.151366 2.1832 0.0294220 *
## time1995 4.592892 2.147927 2.1383 0.0329097 *
## time1996 4.556418 2.140024 2.1291 0.0336623 *
## time1997 4.385236 2.143941 2.0454 0.0412644 *
## time1998 4.261821 2.149345 1.9828 0.0478550 *
## time1999 4.036980 2.161556 1.8676 0.0623173 .
## time2000 3.831380 2.173002 1.7632 0.0783969 .
## time2001 3.812217 2.165549 1.7604 0.0788674 .
## time2002 3.706318 2.164497 1.7123 0.0873708 .
## time2003 3.666437 2.160115 1.6973 0.0901690 .
## time2004 3.517783 2.162104 1.6270 0.1042754
## time2005 3.416315 2.164964 1.5780 0.1151098
## time2006 3.282879 2.163747 1.5172 0.1297551
## time2007 3.220429 2.160218 1.4908 0.1365595
## time2008 3.177045 2.148897 1.4785 0.1398284
## time2009 3.339793 2.114307 1.5796 0.1147392
## time2010 3.319814 2.114070 1.5703 0.1168799
## time2011 3.107893 2.116215 1.4686 0.1424800
## time2012 3.099912 2.109251 1.4697 0.1421912
## time2013 2.960617 2.105895 1.4059 0.1602970
## time2014 2.831683 2.106774 1.3441 0.1794455
## time2015 2.894136 2.098867 1.3789 0.1684550
## time2016 2.853788 2.086679 1.3676 0.1719593
## time2017 2.770491 2.085412 1.3285 0.1845312
## time2018 2.641591 2.077178 1.2717 0.2039810
## iis130 0.290764 0.098877 2.9407 0.0034054 **
## iis140 0.384907 0.092215 4.1740 3.451e-05 ***
## iis153 -0.308918 0.092651 -3.3342 0.0009098 ***
## iis170 -0.379565 0.091814 -4.1341 4.089e-05 ***
## iis171 0.390506 0.091877 4.2503 2.487e-05 ***
## iis194 0.274617 0.091866 2.9893 0.0029142 **
## iis379 -0.330873 0.098928 -3.3446 0.0008772 ***
## iis380 -1.006498 0.099048 -10.1617 < 2.2e-16 ***
## iis383 0.261839 0.098724 2.6522 0.0082142 **
## iis384 0.816234 0.095990 8.5033 < 2.2e-16 ***
## iis441 0.314643 0.092136 3.4150 0.0006824 ***
## iis485 -0.322129 0.091644 -3.5150 0.0004740 ***
## iis533 0.384083 0.091778 4.1849 3.294e-05 ***
## fesisDenmark.1997 -0.200354 0.045728 -4.3814 1.399e-05 ***
## fesisLuxembourg.1994 -0.340947 0.069779 -4.8861 1.332e-06 ***
## fesisLuxembourg.2001 0.203593 0.049354 4.1252 4.246e-05 ***
## fesisLuxembourg.2015 -0.536052 0.069472 -7.7161 5.254e-14 ***
## fesisLuxembourg.2017 0.349596 0.076749 4.5550 6.385e-06 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## Diagnostics and fit:
##
## Chi-sq df p-value
## Ljung-Box AR(1) 1.1233 1 0.2892170
## Ljung-Box ARCH(1) 13.6937 1 0.0002152 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## SE of regression 0.08797
## R-squared 0.99789
## Log-lik.(n=651) 693.68252
## [1] "Formula: l_edgar_v7 ~ lgdp_wb + lpop + lgdp_wb_sq"
## [1] "EU15+selected (1990:2021); p.value: 0.001; AR: 1"
##
## Date: Mon Oct 31 15:17:06 2022
## Dependent var.: y
## Method: Ordinary Least Squares (OLS)
## Variance-Covariance: Ordinary
## No. of observations (mean eq.): 651
## Sample: 1 to 651
##
## SPECIFIC mean equation:
##
## coef std.error t-stat p-value
## ar1 0.800393 0.020959 38.1881 < 2.2e-16 ***
## lgdp_wb -1.602006 1.687107 -0.9496 0.3427250
## lpop -2.338215 2.136670 -1.0943 0.2742576
## lgdp_wb_sq 0.106643 0.025893 4.1186 4.355e-05 ***
## idAustria -0.510391 0.057782 -8.8330 < 2.2e-16 ***
## idBelgium -0.439816 0.049997 -8.7968 < 2.2e-16 ***
## idCanada -0.114210 0.026640 -4.2872 2.113e-05 ***
## idDenmark -0.280519 0.056642 -4.9525 9.576e-07 ***
## idFinland -0.426829 0.049353 -8.6484 < 2.2e-16 ***
## idFrance -0.292893 0.037895 -7.7291 4.676e-14 ***
## idGermany 0.100816 0.027905 3.6128 0.0003287 ***
## idGreece -0.335312 0.040734 -8.2318 1.184e-15 ***
## idIreland -0.537525 0.060380 -8.9024 < 2.2e-16 ***
## idItaly -0.085507 0.025594 -3.3409 0.0008876 ***
## idJapan 0.193068 0.031905 6.0513 2.552e-09 ***
## idLuxembourg -0.914055 0.112072 -8.1560 2.085e-15 ***
## idNetherlands -0.238229 0.034662 -6.8730 1.601e-11 ***
## idNewZealand -0.666576 0.074611 -8.9341 < 2.2e-16 ***
## idPortugal -0.477160 0.053526 -8.9146 < 2.2e-16 ***
## idSpain -0.177788 0.029726 -5.9809 3.845e-09 ***
## idSweden -0.595858 0.066120 -9.0118 < 2.2e-16 ***
## idSwitzerland -0.837556 0.091483 -9.1554 < 2.2e-16 ***
## idUnitedKingdom -0.062656 0.024657 -2.5411 0.0113049 *
## idUnitedStates 0.487072 0.058045 8.3913 3.553e-16 ***
## time1991 6.054957 2.340576 2.5870 0.0099206 **
## time1992 5.989563 2.326807 2.5742 0.0102909 *
## time1993 5.864776 2.321419 2.5264 0.0117846 *
## time1994 5.772622 2.323695 2.4842 0.0132586 *
## time1995 5.671069 2.319789 2.4446 0.0147904 *
## time1996 5.663931 2.311184 2.4507 0.0145481 *
## time1997 5.472226 2.315058 2.3638 0.0184134 *
## time1998 5.369859 2.320556 2.3140 0.0210076 *
## time1999 5.149124 2.333270 2.2068 0.0277098 *
## time2000 4.957769 2.345254 2.1140 0.0349371 *
## time2001 4.933898 2.337173 2.1111 0.0351870 *
## time2002 4.831451 2.335900 2.0683 0.0390418 *
## time2003 4.791284 2.331114 2.0554 0.0402829 *
## time2004 4.647927 2.333123 1.9921 0.0468144 *
## time2005 4.533576 2.336020 1.9407 0.0527665 .
## time2006 4.457144 2.334710 1.9091 0.0567361 .
## time2007 4.357794 2.330783 1.8697 0.0620239 .
## time2008 4.308084 2.318563 1.8581 0.0636542 .
## time2009 4.445411 2.281477 1.9485 0.0518305 .
## time2010 4.412413 2.281061 1.9344 0.0535448 .
## time2011 4.220737 2.283269 1.8486 0.0650221 .
## time2012 4.209380 2.275694 1.8497 0.0648541 .
## time2013 4.070161 2.272004 1.7914 0.0737341 .
## time2014 3.943452 2.272836 1.7350 0.0832557 .
## time2015 4.000854 2.264286 1.7669 0.0777546 .
## time2016 3.953672 2.251132 1.7563 0.0795545 .
## time2017 3.871963 2.249689 1.7211 0.0857541 .
## time2018 3.740145 2.240763 1.6691 0.0956195 .
## iis380 -0.961894 0.107345 -8.9608 < 2.2e-16 ***
## iis383 0.515204 0.109282 4.7144 3.027e-06 ***
## iis384 0.803745 0.105532 7.6162 1.042e-13 ***
## fesisDenmark.1997 -0.248158 0.046616 -5.3234 1.449e-07 ***
## fesisLuxembourg.1994 -0.419534 0.074233 -5.6516 2.475e-08 ***
## fesisLuxembourg.2002 0.272451 0.050953 5.3471 1.279e-07 ***
## fesisLuxembourg.2015 -0.541590 0.076404 -7.0885 3.881e-12 ***
## fesisLuxembourg.2017 0.343784 0.084367 4.0749 5.233e-05 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## Diagnostics and fit:
##
## Chi-sq df p-value
## Ljung-Box AR(1) 6.6105 1 0.01014 *
## Ljung-Box ARCH(1) 19.0890 1 1.248e-05 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## SE of regression 0.09678
## R-squared 0.99740
## Log-lik.(n=651) 626.56146ETS (all phases)
## [1] "Formula: l_edgar_v7 ~ lgdp_wb + lpop + lgdp_wb_sq + EU_ETS_05 + EU_ETS_08 + EU_ETS_13"
## [1] "EU15+selected (1990:2021); p.value: 0.01; AR: 0"
##
## Date: Mon Oct 31 19:09:19 2022
## Dependent var.: y
## Method: Ordinary Least Squares (OLS)
## Variance-Covariance: Ordinary
## No. of observations (mean eq.): 672
## Sample: 1 to 672
##
## SPECIFIC mean equation:
##
## coef std.error t-stat p-value
## lgdp_wb -0.0686478 0.7435546 -0.0923 0.9264721
## lpop -1.2214350 0.2236083 -5.4624 6.934e-08 ***
## lgdp_wb_sq 0.0075826 0.0144235 0.5257 0.5992880
## EU_ETS_05 -0.0960721 0.0354084 -2.7133 0.0068571 **
## EU_ETS_08 -0.0544422 0.0381920 -1.4255 0.1545454
## EU_ETS_13 -0.1738102 0.0314266 -5.5307 4.798e-08 ***
## idAustria -2.9613164 0.1420124 -20.8525 < 2.2e-16 ***
## idBelgium -2.1046789 0.1029397 -20.4458 < 2.2e-16 ***
## idCanada 0.1729370 0.1082406 1.5977 0.1106432
## idDenmark -2.7274574 0.2188041 -12.4653 < 2.2e-16 ***
## idFinland -2.8658848 0.2132697 -13.4378 < 2.2e-16 ***
## idFrance -0.0585241 0.2265016 -0.2584 0.7962018
## idGermany 2.2343272 0.2739391 8.1563 2.086e-15 ***
## idGreece -1.4968392 0.0945100 -15.8379 < 2.2e-16 ***
## idIreland -3.6955032 0.2566270 -14.4003 < 2.2e-16 ***
## idItaly 1.0327497 0.2194079 4.7070 3.136e-06 ***
## idJapan 2.8779478 0.3501591 8.2190 1.307e-15 ***
## idLuxembourg -8.0185646 0.6846098 -11.7126 < 2.2e-16 ***
## idNetherlands -1.0736893 0.0496597 -21.6209 < 2.2e-16 ***
## idNewZealand -4.8459655 0.2648493 -18.2971 < 2.2e-16 ***
## idPortugal -2.2527709 0.0992463 -22.6988 < 2.2e-16 ***
## idSpain 0.2333835 0.1776691 1.3136 0.1894964
## idSweden -3.3178557 0.1274546 -26.0317 < 2.2e-16 ***
## idSwitzerland -5.0389091 0.1889724 -26.6648 < 2.2e-16 ***
## idUnitedKingdom 1.5320417 0.2229887 6.8705 1.629e-11 ***
## idUnitedStates 5.0362205 0.5002798 10.0668 < 2.2e-16 ***
## time1990 28.3979303 10.0687831 2.8204 0.0049577 **
## time1991 28.4698891 10.0690240 2.8275 0.0048509 **
## time1992 28.4722979 10.0689656 2.8277 0.0048471 **
## time1993 28.4372156 10.0692327 2.8242 0.0049005 **
## time1994 28.4642338 10.0691972 2.8269 0.0048600 **
## time1995 28.4992092 10.0681015 2.8306 0.0048037 **
## time1996 28.5178831 10.0675422 2.8327 0.0047740 **
## time1997 28.5192425 10.0651262 2.8335 0.0047620 **
## time1998 28.5371822 10.0642710 2.8355 0.0047324 **
## time1999 28.5232124 10.0633283 2.8344 0.0047488 **
## time2000 28.5156320 10.0616819 2.8341 0.0047530 **
## time2001 28.5636195 10.0610923 2.8390 0.0046811 **
## time2002 28.5897733 10.0603565 2.8418 0.0046407 **
## time2003 28.6397634 10.0616659 2.8464 0.0045751 **
## time2004 28.6570733 10.0605650 2.8485 0.0045464 **
## time2005 28.7177536 10.0594079 2.8548 0.0044575 **
## time2006 28.7285899 10.0584172 2.8562 0.0044388 **
## time2007 28.7045123 10.0575494 2.8540 0.0044685 **
## time2008 28.7032036 10.0567361 2.8541 0.0044671 **
## time2009 28.6666130 10.0591779 2.8498 0.0045275 **
## time2010 28.6940291 10.0583436 2.8528 0.0044861 **
## time2011 28.6389854 10.0579110 2.8474 0.0045611 **
## time2012 28.6394084 10.0580818 2.8474 0.0045612 **
## time2013 28.7123709 10.0554298 2.8554 0.0044493 **
## time2014 28.6177358 10.0550684 2.8461 0.0045796 **
## time2015 28.5841145 10.0541110 2.8430 0.0046234 **
## time2016 28.5749924 10.0538432 2.8422 0.0046353 **
## time2017 28.6008020 10.0528718 2.8450 0.0045947 **
## time2018 28.5412984 10.0520899 2.8393 0.0046765 **
## time2019 28.4500046 10.0515563 2.8304 0.0048072 **
## time2020 28.3632824 10.0548709 2.8208 0.0049508 **
## time2021 28.3937209 10.0522997 2.8246 0.0048940 **
## iis181 0.3849085 0.1149785 3.3477 0.0008669 ***
## iis414 -0.9868928 0.1188136 -8.3062 6.788e-16 ***
## iis415 -2.0504256 0.1180128 -17.3746 < 2.2e-16 ***
## iis416 -1.9305073 0.1172671 -16.4625 < 2.2e-16 ***
## iis417 -1.6593379 0.1167103 -14.2176 < 2.2e-16 ***
## iis418 -1.1249147 0.1164289 -9.6618 < 2.2e-16 ***
## fesisUnitedStates.2003 -0.1513589 0.0559334 -2.7061 0.0070057 **
## fesisAustria.2015 0.2144431 0.0486261 4.4100 1.228e-05 ***
## fesisBelgium.2001 -0.2234803 0.0420472 -5.3150 1.515e-07 ***
## fesisDenmark.2004 -0.4348264 0.0443794 -9.7979 < 2.2e-16 ***
## fesisDenmark.2017 -0.5494354 0.0589505 -9.3203 < 2.2e-16 ***
## fesisSpain.1999 0.2366958 0.0465286 5.0871 4.892e-07 ***
## fesisFrance.2005 0.1717576 0.0420961 4.0801 5.120e-05 ***
## fesisUnitedKingdom.1994 -0.2688089 0.0625465 -4.2977 2.018e-05 ***
## fesisUnitedKingdom.2016 -0.4381484 0.0537993 -8.1441 2.284e-15 ***
## fesisLuxembourg.1995 -0.7593481 0.0930701 -8.1589 2.047e-15 ***
## fesisLuxembourg.1997 0.3883464 0.0914377 4.2471 2.516e-05 ***
## fesisLuxembourg.2013 -0.2673426 0.0757327 -3.5301 0.0004478 ***
## fesisLuxembourg.2016 -0.7055424 0.0802442 -8.7924 < 2.2e-16 ***
## fesisNetherlands.2014 0.3100113 0.0464668 6.6717 5.832e-11 ***
## fesisSweden.2016 0.1958459 0.0518726 3.7755 0.0001758 ***
## fesisAustralia.1998 0.2270142 0.0508741 4.4623 9.715e-06 ***
## fesisAustralia.2016 0.1824081 0.0563030 3.2398 0.0012636 **
## fesisNewZealand.1997 0.4926769 0.0543752 9.0607 < 2.2e-16 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## Diagnostics and fit:
##
## Chi-sq df p-value
## Ljung-Box AR(1) 168.749 1 < 2.2e-16 ***
## Ljung-Box ARCH(1) 58.317 1 2.232e-14 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## SE of regression 0.10801
## R-squared 0.99687
## Log-lik.(n=672) 583.05620
## [1] "Formula: l_edgar_v7 ~ lgdp_wb + lpop + lgdp_wb_sq + EU_ETS_05 + EU_ETS_08 + EU_ETS_13"
## [1] "EU15+selected (1990:2021); p.value: 0.001; AR: 0"
##
## Date: Mon Oct 31 19:09:47 2022
## Dependent var.: y
## Method: Ordinary Least Squares (OLS)
## Variance-Covariance: Ordinary
## No. of observations (mean eq.): 672
## Sample: 1 to 672
##
## SPECIFIC mean equation:
##
## coef std.error t-stat p-value
## lgdp_wb -1.630622 0.747452 -2.1816 0.0295290 *
## lpop -0.469470 0.231625 -2.0269 0.0431199 *
## lgdp_wb_sq 0.035158 0.014602 2.4078 0.0163518 *
## EU_ETS_05 -0.091584 0.038734 -2.3644 0.0183771 *
## EU_ETS_08 -0.046546 0.042750 -1.0888 0.2766865
## EU_ETS_13 -0.130724 0.034135 -3.8296 0.0001419 ***
## idAustria -2.517829 0.147599 -17.0585 < 2.2e-16 ***
## idBelgium -2.029310 0.104108 -19.4924 < 2.2e-16 ***
## idCanada -0.359506 0.093129 -3.8603 0.0001256 ***
## idDenmark -2.008375 0.227253 -8.8376 < 2.2e-16 ***
## idFinland -2.185682 0.221481 -9.8685 < 2.2e-16 ***
## idFrance -1.009377 0.214803 -4.6991 3.245e-06 ***
## idGermany 0.992384 0.256063 3.8756 0.0001181 ***
## idGreece -1.355534 0.101139 -13.4027 < 2.2e-16 ***
## idIreland -2.860029 0.266252 -10.7418 < 2.2e-16 ***
## idItaly 0.049944 0.206623 0.2417 0.8090831
## idJapan 1.315595 0.330317 3.9828 7.648e-05 ***
## idLuxembourg -5.757051 0.711025 -8.0968 3.164e-15 ***
## idNetherlands -1.120173 0.047830 -23.4197 < 2.2e-16 ***
## idNewZealand -3.994304 0.274913 -14.5294 < 2.2e-16 ***
## idPortugal -2.085182 0.106072 -19.6581 < 2.2e-16 ***
## idSpain -0.368733 0.175754 -2.0980 0.0363226 *
## idSweden -2.951008 0.132367 -22.2942 < 2.2e-16 ***
## idSwitzerland -4.512238 0.198946 -22.6807 < 2.2e-16 ***
## idUnitedKingdom 0.297860 0.201559 1.4778 0.1399932
## idUnitedStates 2.809065 0.468280 5.9987 3.443e-09 ***
## time1990 38.078889 10.512180 3.6224 0.0003167 ***
## time1991 38.145521 10.512593 3.6286 0.0003093 ***
## time1992 38.143279 10.512666 3.6283 0.0003096 ***
## time1993 38.104195 10.513069 3.6245 0.0003142 ***
## time1994 38.116672 10.512278 3.6259 0.0003124 ***
## time1995 38.150165 10.511106 3.6295 0.0003082 ***
## time1996 38.185064 10.510470 3.6330 0.0003041 ***
## time1997 38.168683 10.507907 3.6324 0.0003049 ***
## time1998 38.197064 10.506675 3.6355 0.0003013 ***
## time1999 38.194270 10.505293 3.6357 0.0003011 ***
## time2000 38.185459 10.503558 3.6355 0.0003013 ***
## time2001 38.219315 10.503082 3.6389 0.0002975 ***
## time2002 38.242743 10.502350 3.6414 0.0002947 ***
## time2003 38.293904 10.503711 3.6458 0.0002898 ***
## time2004 38.309406 10.502564 3.6476 0.0002877 ***
## time2005 38.371150 10.501838 3.6538 0.0002811 ***
## time2006 38.378671 10.500868 3.6548 0.0002800 ***
## time2007 38.351402 10.500027 3.6525 0.0002824 ***
## time2008 38.338238 10.499498 3.6514 0.0002836 ***
## time2009 38.294087 10.502343 3.6462 0.0002893 ***
## time2010 38.317614 10.501560 3.6488 0.0002865 ***
## time2011 38.258811 10.501205 3.6433 0.0002925 ***
## time2012 38.254502 10.501527 3.6428 0.0002931 ***
## time2013 38.295950 10.499034 3.6476 0.0002878 ***
## time2014 38.199647 10.498709 3.6385 0.0002979 ***
## time2015 38.173223 10.497900 3.6363 0.0003004 ***
## time2016 38.187339 10.497476 3.6378 0.0002987 ***
## time2017 38.211032 10.496544 3.6403 0.0002958 ***
## time2018 38.148127 10.495802 3.6346 0.0003023 ***
## time2019 38.053559 10.495323 3.6258 0.0003126 ***
## time2020 37.960846 10.499060 3.6156 0.0003248 ***
## time2021 37.992061 10.496273 3.6196 0.0003200 ***
## iis414 -0.976502 0.132789 -7.3538 6.363e-13 ***
## iis415 -2.045297 0.131943 -15.5014 < 2.2e-16 ***
## iis416 -1.929347 0.131175 -14.7082 < 2.2e-16 ***
## iis417 -1.652501 0.130588 -12.6543 < 2.2e-16 ***
## iis418 -1.106410 0.130336 -8.4889 < 2.2e-16 ***
## fesisUnitedStates.2003 -0.262117 0.058399 -4.4884 8.610e-06 ***
## fesisDenmark.2004 -0.459931 0.048608 -9.4620 < 2.2e-16 ***
## fesisDenmark.2017 -0.584682 0.065734 -8.8947 < 2.2e-16 ***
## fesisUnitedKingdom.2016 -0.565105 0.058470 -9.6648 < 2.2e-16 ***
## fesisLuxembourg.1995 -0.761667 0.104172 -7.3116 8.491e-13 ***
## fesisLuxembourg.1997 0.386678 0.101824 3.7975 0.0001610 ***
## fesisLuxembourg.2013 -0.337207 0.084372 -3.9967 7.226e-05 ***
## fesisLuxembourg.2016 -0.775140 0.089331 -8.6772 < 2.2e-16 ***
## fesisNetherlands.2014 0.269331 0.051439 5.2359 2.276e-07 ***
## fesisNewZealand.1997 0.457891 0.060194 7.6069 1.093e-13 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## Diagnostics and fit:
##
## Chi-sq df p-value
## Ljung-Box AR(1) 220.587 1 < 2.2e-16 ***
## Ljung-Box ARCH(1) 67.692 1 2.22e-16 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## SE of regression 0.12096
## R-squared 0.99601
## Log-lik.(n=672) 502.45085ETS (individual)
## [1] "Formula: l_edgar_v7 ~ lgdp_wb + lpop + lgdp_wb_sq + EU_ETS_05"
## [1] "EU15+selected (1990:2021); p.value: 0.001; AR: 0"
##
## Date: Mon Oct 31 15:43:19 2022
## Dependent var.: y
## Method: Ordinary Least Squares (OLS)
## Variance-Covariance: Ordinary
## No. of observations (mean eq.): 672
## Sample: 1 to 672
##
## SPECIFIC mean equation:
##
## coef std.error t-stat p-value
## lgdp_wb -0.1267897 0.5726459 -0.2214 0.824849
## lpop 0.3186051 0.2390803 1.3326 0.183162
## lgdp_wb_sq 0.0035778 0.0111473 0.3210 0.748354
## EU_ETS_05 -0.0793520 0.0256187 -3.0974 0.002044 **
## idAustria -2.0366687 0.1518824 -13.4095 < 2.2e-16 ***
## idBelgium -1.7176784 0.1049366 -16.3687 < 2.2e-16 ***
## idCanada -0.6075640 0.1008459 -6.0247 2.962e-09 ***
## idDenmark -1.2295305 0.2361981 -5.2055 2.664e-07 ***
## idFinland -1.4249329 0.2308342 -6.1730 1.237e-09 ***
## idFrance -1.6988415 0.2302925 -7.3769 5.439e-13 ***
## idGermany 0.1952264 0.2738491 0.7129 0.476187
## idGreece -1.1607341 0.0963374 -12.0486 < 2.2e-16 ***
## idIreland -1.9254898 0.2782506 -6.9200 1.166e-11 ***
## idItaly -0.6264153 0.2211876 -2.8321 0.004781 **
## idJapan 0.1959122 0.3577892 0.5476 0.584196
## idLuxembourg -3.1030343 0.7412777 -4.1861 3.265e-05 ***
## idNetherlands -1.0357718 0.0442200 -23.4232 < 2.2e-16 ***
## idNewZealand -3.0130399 0.2870972 -10.4948 < 2.2e-16 ***
## idPortugal -1.8635323 0.1020291 -18.2647 < 2.2e-16 ***
## idSpain -0.9553930 0.1852124 -5.1584 3.393e-07 ***
## idSweden -2.5222484 0.1356512 -18.5936 < 2.2e-16 ***
## idSwitzerland -3.7912236 0.2054730 -18.4512 < 2.2e-16 ***
## idUnitedKingdom -0.3295539 0.2167141 -1.5207 0.128867
## idUnitedStates 1.4910352 0.4928907 3.0251 0.002592 **
## time1990 7.3813892 8.3028393 0.8890 0.374350
## time1991 7.4430442 8.3034049 0.8964 0.370408
## time1992 7.4374640 8.3036613 0.8957 0.370781
## time1993 7.3943643 8.3041572 0.8904 0.373587
## time1994 7.4079600 8.3036371 0.8921 0.372680
## time1995 7.4441138 8.3027898 0.8966 0.370304
## time1996 7.4794596 8.3024001 0.9009 0.368015
## time1997 7.4676689 8.3002548 0.8997 0.368647
## time1998 7.4991700 8.2993478 0.9036 0.366579
## time1999 7.5001165 8.2983155 0.9038 0.366459
## time2000 7.4958450 8.2970231 0.9034 0.366657
## time2001 7.5291464 8.2967872 0.9075 0.364520
## time2002 7.5525702 8.2963192 0.9104 0.363004
## time2003 7.5890559 8.2963523 0.9147 0.360694
## time2004 7.6019365 8.2956269 0.9164 0.359838
## time2005 7.6543706 8.2928600 0.9230 0.356376
## time2006 7.6626193 8.2922589 0.9241 0.355823
## time2007 7.6357321 8.2917560 0.9209 0.357483
## time2008 7.5836078 8.2924202 0.9145 0.360811
## time2009 7.5255006 8.2949664 0.9072 0.364647
## time2010 7.5489477 8.2945157 0.9101 0.363130
## time2011 7.4888497 8.2943888 0.9029 0.366952
## time2012 7.4582592 8.2950806 0.8991 0.368952
## time2013 7.4093921 8.2945824 0.8933 0.372066
## time2014 7.3342404 8.2944070 0.8842 0.376922
## time2015 7.2974011 8.2938212 0.8799 0.379289
## time2016 7.3118301 8.2935133 0.8816 0.378330
## time2017 7.3078792 8.2929985 0.8812 0.378558
## time2018 7.2450269 8.2925676 0.8737 0.382645
## time2019 7.1654937 8.2923063 0.8641 0.387872
## time2020 7.0576435 8.2956142 0.8508 0.395239
## time2021 7.0816405 8.2933256 0.8539 0.393504
## iis414 -0.8889842 0.1252502 -7.0977 3.608e-12 ***
## iis415 -1.9689317 0.1246683 -15.7934 < 2.2e-16 ***
## iis416 -1.8648570 0.1241469 -15.0214 < 2.2e-16 ***
## iis417 -1.6006928 0.1237331 -12.9367 < 2.2e-16 ***
## iis418 -1.0622298 0.1235318 -8.5988 < 2.2e-16 ***
## iis619 -0.3304377 0.1269337 -2.6032 0.009464 **
## iis620 -0.3460312 0.1269714 -2.7253 0.006613 **
## fesisDenmark.2004 -0.3884594 0.0492619 -7.8856 1.492e-14 ***
## fesisDenmark.2014 -0.4588075 0.0609288 -7.5302 1.877e-13 ***
## fesisUnitedKingdom.2016 -0.5567490 0.0545241 -10.2111 < 2.2e-16 ***
## fesisLuxembourg.1995 -0.7966496 0.0986759 -8.0734 3.773e-15 ***
## fesisLuxembourg.1997 0.2805056 0.0952821 2.9439 0.003366 **
## fesisLuxembourg.2013 -0.4612314 0.0795714 -5.7964 1.097e-08 ***
## fesisLuxembourg.2016 -0.8216139 0.0848519 -9.6829 < 2.2e-16 ***
## fesisNetherlands.2014 0.2638153 0.0484689 5.4430 7.655e-08 ***
## fesisJapan.2012 0.4667068 0.0506516 9.2141 < 2.2e-16 ***
## fesisAustralia.2015 0.2279848 0.0544943 4.1836 3.299e-05 ***
## fesisNewZealand.1997 0.4360702 0.0567554 7.6833 6.377e-14 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## Diagnostics and fit:
##
## Chi-sq df p-value
## Ljung-Box AR(1) 195.572 1 < 2.2e-16 ***
## Ljung-Box ARCH(1) 59.808 1 1.044e-14 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## SE of regression 0.11467
## R-squared 0.99642
## Log-lik.(n=672) 538.80799
## [1] "Formula: l_edgar_v7 ~ lgdp_wb + lpop + lgdp_wb_sq + EU_ETS_08"
## [1] "EU15+selected (1990:2021); p.value: 0.001; AR: 0"
##
## Date: Mon Oct 31 16:19:12 2022
## Dependent var.: y
## Method: Ordinary Least Squares (OLS)
## Variance-Covariance: Ordinary
## No. of observations (mean eq.): 672
## Sample: 1 to 672
##
## SPECIFIC mean equation:
##
## coef std.error t-stat p-value
## lgdp_wb 0.0738935 0.5579414 0.1324 0.8946810
## lpop 0.7007712 0.2314186 3.0282 0.0025658 **
## lgdp_wb_sq -0.0015546 0.0108862 -0.1428 0.8864891
## EU_ETS_08 -0.0797879 0.0264831 -3.0128 0.0026974 **
## idAustria -1.8276863 0.1503782 -12.1539 < 2.2e-16 ***
## idBelgium -1.5931948 0.1052507 -15.1371 < 2.2e-16 ***
## idCanada -0.8096644 0.0939543 -8.6176 < 2.2e-16 ***
## idDenmark -0.8726551 0.2311497 -3.7753 0.0001757 ***
## idFinland -1.0773073 0.2263579 -4.7593 2.435e-06 ***
## idFrance -2.1146412 0.2181673 -9.6927 < 2.2e-16 ***
## idGermany -0.2899872 0.2601545 -1.1147 0.2654354
## idGreece -1.0873572 0.0985816 -11.0300 < 2.2e-16 ***
## idIreland -1.4954285 0.2718940 -5.5000 5.619e-08 ***
## idItaly -1.0275731 0.2094828 -4.9053 1.202e-06 ***
## idJapan -0.4210228 0.3425277 -1.2292 0.2194904
## idLuxembourg -1.8755699 0.7171513 -2.6153 0.0091382 **
## idNetherlands -1.0331926 0.0456885 -22.6138 < 2.2e-16 ***
## idNewZealand -2.5614266 0.2801085 -9.1444 < 2.2e-16 ***
## idPortugal -1.7770059 0.1040985 -17.0704 < 2.2e-16 ***
## idSpain -1.2908996 0.1755218 -7.3546 6.290e-13 ***
## idSweden -2.3416168 0.1346523 -17.3901 < 2.2e-16 ***
## idSwitzerland -3.4995235 0.2015002 -17.3673 < 2.2e-16 ***
## idUnitedKingdom -0.7202494 0.2051021 -3.5117 0.0004787 ***
## idUnitedStates 0.6884020 0.4730022 1.4554 0.1460830
## time1990 -0.6219783 8.0494775 -0.0773 0.9384349
## time1991 -0.5628411 8.0499994 -0.0699 0.9442820
## time1992 -0.5703007 8.0502255 -0.0708 0.9435464
## time1993 -0.6153790 8.0506896 -0.0764 0.9390960
## time1994 -0.6017420 8.0501432 -0.0747 0.9404391
## time1995 -0.5746055 8.0481494 -0.0714 0.9431063
## time1996 -0.5394942 8.0477355 -0.0670 0.9465747
## time1997 -0.5387773 8.0467904 -0.0670 0.9466393
## time1998 -0.5064552 8.0458672 -0.0629 0.9498304
## time1999 -0.5044479 8.0448190 -0.0627 0.9500225
## time2000 -0.5075069 8.0435125 -0.0631 0.9497117
## time2001 -0.4749069 8.0432520 -0.0590 0.9529365
## time2002 -0.4498697 8.0429635 -0.0559 0.9554135
## time2003 -0.4148057 8.0429658 -0.0516 0.9588855
## time2004 -0.4010065 8.0422088 -0.0499 0.9602483
## time2005 -0.4061281 8.0418393 -0.0505 0.9597392
## time2006 -0.3982400 8.0412086 -0.0495 0.9605174
## time2007 -0.4255755 8.0406749 -0.0529 0.9578070
## time2008 -0.4236140 8.0390072 -0.0527 0.9579925
## time2009 -0.4874666 8.0415055 -0.0606 0.9516829
## time2010 -0.4647350 8.0410344 -0.0578 0.9539308
## time2011 -0.5259081 8.0408910 -0.0654 0.9478739
## time2012 -0.5590951 8.0415325 -0.0695 0.9445941
## time2013 -0.6100276 8.0408494 -0.0759 0.9395509
## time2014 -0.7080209 8.0407237 -0.0881 0.9298627
## time2015 -0.7071385 8.0401512 -0.0880 0.9299450
## time2016 -0.6915776 8.0398392 -0.0860 0.9314800
## time2017 -0.6961401 8.0393004 -0.0866 0.9310245
## time2018 -0.7595803 8.0388472 -0.0945 0.9247524
## time2019 -0.8556516 8.0385954 -0.1064 0.9152664
## time2020 -0.9703199 8.0417397 -0.1207 0.9040003
## time2021 -0.9267863 8.0395364 -0.1153 0.9082628
## iis414 -0.8174623 0.1261448 -6.4804 1.905e-10 ***
## iis415 -1.8998718 0.1257016 -15.1141 < 2.2e-16 ***
## iis416 -1.7981762 0.1253241 -14.3482 < 2.2e-16 ***
## iis417 -1.5370301 0.1250516 -12.2912 < 2.2e-16 ***
## iis418 -1.0008966 0.1249291 -8.0117 5.882e-15 ***
## fesisDenmark.2004 -0.4138041 0.0488661 -8.4681 < 2.2e-16 ***
## fesisDenmark.2015 -0.5725184 0.0583228 -9.8164 < 2.2e-16 ***
## fesisUnitedKingdom.2016 -0.5651817 0.0556683 -10.1527 < 2.2e-16 ***
## fesisLuxembourg.1995 -0.6066940 0.0710674 -8.5369 < 2.2e-16 ***
## fesisLuxembourg.2013 -0.4518733 0.0809088 -5.5850 3.542e-08 ***
## fesisLuxembourg.2016 -0.8623351 0.0864423 -9.9758 < 2.2e-16 ***
## fesisNetherlands.2014 0.2648696 0.0495589 5.3445 1.288e-07 ***
## fesisJapan.2012 0.4767291 0.0528362 9.0228 < 2.2e-16 ***
## fesisNewZealand.1997 0.3975339 0.0567393 7.0063 6.573e-12 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## Diagnostics and fit:
##
## Chi-sq df p-value
## Ljung-Box AR(1) 206.583 1 < 2.2e-16 ***
## Ljung-Box ARCH(1) 54.898 1 1.27e-13 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## SE of regression 0.11719
## R-squared 0.99624
## Log-lik.(n=672) 522.21464
## [1] "Formula: l_edgar_v7 ~ lgdp_wb + lpop + lgdp_wb_sq + EU_ETS_13"
## [1] "EU15+selected (1990:2021); p.value: 0.001; AR: 0"
##
## Date: Mon Oct 31 16:54:04 2022
## Dependent var.: y
## Method: Ordinary Least Squares (OLS)
## Variance-Covariance: Ordinary
## No. of observations (mean eq.): 672
## Sample: 1 to 672
##
## SPECIFIC mean equation:
##
## coef std.error t-stat p-value
## lgdp_wb -1.113510 0.667183 -1.6690 0.0956445 .
## lpop -0.617491 0.233646 -2.6428 0.0084358 **
## lgdp_wb_sq 0.025140 0.013125 1.9155 0.0559066 .
## EU_ETS_13 -0.239090 0.027876 -8.5771 < 2.2e-16 ***
## idAustria -2.528646 0.144048 -17.5542 < 2.2e-16 ***
## idBelgium -1.999822 0.101557 -19.6917 < 2.2e-16 ***
## idCanada -0.091816 0.110720 -0.8293 0.4072867
## idDenmark -2.073939 0.223555 -9.2771 < 2.2e-16 ***
## idFinland -2.267343 0.217993 -10.4010 < 2.2e-16 ***
## idFrance -0.657713 0.226860 -2.8992 0.0038779 **
## idGermany 1.400466 0.267152 5.2422 2.201e-07 ***
## idGreece -1.331687 0.098379 -13.5364 < 2.2e-16 ***
## idIreland -2.974693 0.263442 -11.2917 < 2.2e-16 ***
## idItaly 0.381339 0.218917 1.7419 0.0820328 .
## idJapan 1.846852 0.343315 5.3795 1.072e-07 ***
## idLuxembourg -6.178908 0.716658 -8.6218 < 2.2e-16 ***
## idNetherlands -1.016369 0.054426 -18.6743 < 2.2e-16 ***
## idNewZealand -4.118936 0.273038 -15.0856 < 2.2e-16 ***
## idPortugal -2.068403 0.103026 -20.0765 < 2.2e-16 ***
## idSpain -0.104656 0.187591 -0.5579 0.5771260
## idSweden -2.941661 0.129351 -22.7417 < 2.2e-16 ***
## idSwitzerland -4.485658 0.194315 -23.0845 < 2.2e-16 ***
## idUnitedKingdom 0.650550 0.213525 3.0467 0.0024152 **
## idUnitedStates 3.470322 0.476478 7.2833 1.029e-12 ***
## time1990 33.762515 9.697775 3.4815 0.0005349 ***
## time1991 33.830612 9.698317 3.4883 0.0005217 ***
## time1992 33.829702 9.698516 3.4881 0.0005220 ***
## time1993 33.791625 9.699013 3.4840 0.0005299 ***
## time1994 33.805574 9.698284 3.4857 0.0005266 ***
## time1995 33.840516 9.697186 3.4897 0.0005190 ***
## time1996 33.876776 9.696622 3.4937 0.0005115 ***
## time1997 33.858984 9.694169 3.4927 0.0005133 ***
## time1998 33.875954 9.693107 3.4948 0.0005093 ***
## time1999 33.874711 9.691779 3.4952 0.0005087 ***
## time2000 33.867778 9.690128 3.4951 0.0005089 ***
## time2001 33.903016 9.689745 3.4989 0.0005019 ***
## time2002 33.928585 9.689058 3.5017 0.0004966 ***
## time2003 33.968734 9.688983 3.5059 0.0004890 ***
## time2004 33.986902 9.687917 3.5082 0.0004850 ***
## time2005 33.984960 9.687387 3.5082 0.0004850 ***
## time2006 33.994412 9.686535 3.5095 0.0004827 ***
## time2007 33.968981 9.685802 3.5071 0.0004869 ***
## time2008 33.923920 9.686476 3.5022 0.0004958 ***
## time2009 33.879735 9.689441 3.4966 0.0005061 ***
## time2010 33.904944 9.688793 3.4994 0.0005009 ***
## time2011 33.847375 9.688559 3.4935 0.0005118 ***
## time2012 33.844031 9.689008 3.4930 0.0005127 ***
## time2013 33.973593 9.689853 3.5061 0.0004887 ***
## time2014 33.878690 9.689628 3.4964 0.0005064 ***
## time2015 33.853960 9.688923 3.4941 0.0005107 ***
## time2016 33.868746 9.688514 3.4958 0.0005076 ***
## time2017 33.893954 9.687745 3.4986 0.0005023 ***
## time2018 33.832669 9.687121 3.4925 0.0005136 ***
## time2019 33.739496 9.686747 3.4831 0.0005318 ***
## time2020 33.645883 9.690522 3.4720 0.0005537 ***
## time2021 33.679084 9.687802 3.4764 0.0005448 ***
## iis414 -0.967837 0.131892 -7.3381 7.072e-13 ***
## iis415 -2.025407 0.131085 -15.4511 < 2.2e-16 ***
## iis416 -1.911360 0.130363 -14.6618 < 2.2e-16 ***
## iis417 -1.636312 0.129792 -12.6072 < 2.2e-16 ***
## iis418 -1.090673 0.129541 -8.4195 2.787e-16 ***
## fesisUnitedStates.2013 -0.218082 0.059413 -3.6706 0.0002636 ***
## fesisDenmark.2004 -0.477981 0.048135 -9.9300 < 2.2e-16 ***
## fesisDenmark.2017 -0.578254 0.065310 -8.8540 < 2.2e-16 ***
## fesisUnitedKingdom.2016 -0.551708 0.057808 -9.5438 < 2.2e-16 ***
## fesisLuxembourg.1995 -0.762774 0.103579 -7.3642 5.911e-13 ***
## fesisLuxembourg.1997 0.379659 0.100933 3.7615 0.0001855 ***
## fesisLuxembourg.2013 -0.320619 0.084032 -3.8154 0.0001500 ***
## fesisLuxembourg.2016 -0.768520 0.088892 -8.6456 < 2.2e-16 ***
## fesisNetherlands.2014 0.271193 0.051145 5.3024 1.609e-07 ***
## fesisAustralia.1998 0.257699 0.054015 4.7709 2.306e-06 ***
## fesisNewZealand.1997 0.516531 0.059203 8.7248 < 2.2e-16 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## Diagnostics and fit:
##
## Chi-sq df p-value
## Ljung-Box AR(1) 215.60 1 < 2.2e-16 ***
## Ljung-Box ARCH(1) 66.76 1 3.331e-16 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## SE of regression 0.12030
## R-squared 0.99605
## Log-lik.(n=672) 505.59139ETS (pairs)
## [1] "Formula: l_edgar_v7 ~ lgdp_wb + lpop + lgdp_wb_sq + EU_ETS_05 + EU_ETS_08"
## [1] "EU15+selected (1990:2021); p.value: 0.001; AR: 0"
##
## Date: Mon Oct 31 17:25:49 2022
## Dependent var.: y
## Method: Ordinary Least Squares (OLS)
## Variance-Covariance: Ordinary
## No. of observations (mean eq.): 672
## Sample: 1 to 672
##
## SPECIFIC mean equation:
##
## coef std.error t-stat p-value
## lgdp_wb -1.784548 0.695748 -2.5649 0.0105620 *
## lpop 0.382857 0.237973 1.6088 0.1081812
## lgdp_wb_sq 0.035681 0.013637 2.6166 0.0091058 **
## EU_ETS_05 -0.066486 0.037340 -1.7806 0.0754901 .
## EU_ETS_08 -0.047668 0.037178 -1.2822 0.2002834
## idAustria -1.921105 0.150791 -12.7402 < 2.2e-16 ***
## idBelgium -1.627142 0.105076 -15.4854 < 2.2e-16 ***
## idCanada -0.712542 0.095379 -7.4706 2.838e-13 ***
## idDenmark -1.087054 0.233772 -4.6501 4.086e-06 ***
## idFinland -1.266685 0.228178 -5.5513 4.264e-08 ***
## idFrance -1.910376 0.222497 -8.5861 < 2.2e-16 ***
## idGermany -0.090113 0.264413 -0.3408 0.7333716
## idGreece -1.047610 0.098805 -10.6028 < 2.2e-16 ***
## idIreland -1.757074 0.275040 -6.3884 3.367e-10 ***
## idItaly -0.805284 0.214264 -3.7584 0.0001878 ***
## idJapan -0.185566 0.346265 -0.5359 0.5922226
## idLuxembourg -2.900156 0.738636 -3.9264 9.626e-05 ***
## idNetherlands -1.009423 0.045727 -22.0751 < 2.2e-16 ***
## idNewZealand -2.859400 0.284291 -10.0580 < 2.2e-16 ***
## idPortugal -1.746506 0.104130 -16.7724 < 2.2e-16 ***
## idSpain -1.040473 0.181794 -5.7234 1.652e-08 ***
## idSweden -2.424967 0.134933 -17.9716 < 2.2e-16 ***
## idSwitzerland -3.720738 0.205220 -18.1305 < 2.2e-16 ***
## idUnitedKingdom -0.556709 0.208735 -2.6671 0.0078586 **
## idUnitedStates 0.842751 0.477341 1.7655 0.0779870 .
## time1990 27.653721 10.030878 2.7569 0.0060138 **
## time1991 27.714359 10.031411 2.7628 0.0059076 **
## time1992 27.707411 10.031594 2.7620 0.0059208 **
## time1993 27.663736 10.032084 2.7575 0.0060017 **
## time1994 27.675088 10.031360 2.7589 0.0059776 **
## time1995 27.708466 10.030256 2.7625 0.0059124 **
## time1996 27.741794 10.029691 2.7660 0.0058505 **
## time1997 27.726731 10.027251 2.7651 0.0058652 **
## time1998 27.755447 10.026077 2.7683 0.0058088 **
## time1999 27.753384 10.024751 2.7685 0.0058060 **
## time2000 27.745287 10.023095 2.7681 0.0058122 **
## time2001 27.776652 10.022705 2.7714 0.0057554 **
## time2002 27.797738 10.022046 2.7737 0.0057157 **
## time2003 27.832479 10.021960 2.7771 0.0056554 **
## time2004 27.842762 10.020936 2.7785 0.0056330 **
## time2005 27.893782 10.022851 2.7830 0.0055554 **
## time2006 27.898996 10.021990 2.7838 0.0055426 **
## time2007 27.869341 10.021251 2.7810 0.0055892 **
## time2008 27.850293 10.020953 2.7792 0.0056202 **
## time2009 27.795267 10.023905 2.7729 0.0057289 **
## time2010 27.815978 10.023238 2.7751 0.0056899 **
## time2011 27.754050 10.022984 2.7690 0.0057963 **
## time2012 27.724113 10.023793 2.7658 0.0058529 **
## time2013 27.673250 10.023170 2.7609 0.0059403 **
## time2014 27.574463 10.022932 2.7511 0.0061185 **
## time2015 27.573128 10.022148 2.7512 0.0061170 **
## time2016 27.587387 10.021740 2.7528 0.0060887 **
## time2017 27.580515 10.020988 2.7523 0.0060975 **
## time2018 27.515111 10.020350 2.7459 0.0062153 **
## time2019 27.417833 10.019965 2.7363 0.0063973 **
## time2020 27.314415 10.023747 2.7250 0.0066186 **
## time2021 27.349732 10.021018 2.7292 0.0065346 **
## iis414 -0.937226 0.126649 -7.4002 4.623e-13 ***
## iis415 -2.008651 0.125827 -15.9635 < 2.2e-16 ***
## iis416 -1.894846 0.125081 -15.1489 < 2.2e-16 ***
## iis417 -1.621556 0.124493 -13.0252 < 2.2e-16 ***
## iis418 -1.079233 0.124226 -8.6876 < 2.2e-16 ***
## fesisUnitedStates.2005 -0.217142 0.055182 -3.9350 9.294e-05 ***
## fesisDenmark.2004 -0.393617 0.048282 -8.1525 2.093e-15 ***
## fesisDenmark.2015 -0.572625 0.057383 -9.9789 < 2.2e-16 ***
## fesisUnitedKingdom.2016 -0.593833 0.055155 -10.7666 < 2.2e-16 ***
## fesisLuxembourg.1995 -0.781941 0.099218 -7.8811 1.538e-14 ***
## fesisLuxembourg.1997 0.338067 0.097330 3.4734 0.0005510 ***
## fesisLuxembourg.2013 -0.444351 0.080244 -5.5375 4.597e-08 ***
## fesisLuxembourg.2016 -0.826499 0.085261 -9.6937 < 2.2e-16 ***
## fesisNetherlands.2014 0.257314 0.048730 5.2804 1.806e-07 ***
## fesisJapan.2012 0.435684 0.052678 8.2707 8.640e-16 ***
## fesisNewZealand.1997 0.443567 0.057279 7.7440 4.128e-14 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## Diagnostics and fit:
##
## Chi-sq df p-value
## Ljung-Box AR(1) 195.95 1 < 2.2e-16 ***
## Ljung-Box ARCH(1) 61.04 1 5.551e-15 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## SE of regression 0.11517
## R-squared 0.99638
## Log-lik.(n=672) 535.41279
## [1] "Formula: l_edgar_v7 ~ lgdp_wb + lpop + lgdp_wb_sq + EU_ETS_05 + EU_ETS_13"
## [1] "EU15+selected (1990:2021); p.value: 0.001; AR: 0"
##
## Date: Mon Oct 31 18:26:05 2022
## Dependent var.: y
## Method: Ordinary Least Squares (OLS)
## Variance-Covariance: Ordinary
## No. of observations (mean eq.): 672
## Sample: 1 to 672
##
## SPECIFIC mean equation:
##
## coef std.error t-stat p-value
## lgdp_wb -1.663594 0.746954 -2.2272 0.0263060 *
## lpop -0.469238 0.231661 -2.0255 0.0432542 *
## lgdp_wb_sq 0.035839 0.014591 2.4563 0.0143216 *
## EU_ETS_05 -0.120483 0.028215 -4.2701 2.271e-05 ***
## EU_ETS_13 -0.147692 0.030375 -4.8623 1.484e-06 ***
## idAustria -2.513471 0.147568 -17.0326 < 2.2e-16 ***
## idBelgium -2.025570 0.104067 -19.4640 < 2.2e-16 ***
## idCanada -0.360653 0.093137 -3.8723 0.0001197 ***
## idDenmark -2.003536 0.227244 -8.8167 < 2.2e-16 ***
## idFinland -2.179890 0.221451 -9.8437 < 2.2e-16 ***
## idFrance -1.013730 0.214799 -4.7194 2.946e-06 ***
## idGermany 0.986050 0.256036 3.8512 0.0001302 ***
## idGreece -1.349854 0.101020 -13.3623 < 2.2e-16 ***
## idIreland -2.854035 0.266236 -10.7199 < 2.2e-16 ***
## idItaly 0.046564 0.206632 0.2253 0.8217849
## idJapan 1.307338 0.330281 3.9583 8.454e-05 ***
## idLuxembourg -5.749474 0.711101 -8.0853 3.436e-15 ***
## idNetherlands -1.118457 0.047812 -23.3929 < 2.2e-16 ***
## idNewZealand -3.987895 0.274892 -14.5071 < 2.2e-16 ***
## idPortugal -2.079331 0.105953 -19.6251 < 2.2e-16 ***
## idSpain -0.369251 0.175780 -2.1006 0.0360891 *
## idSweden -2.947348 0.132344 -22.2703 < 2.2e-16 ***
## idSwitzerland -4.509646 0.198963 -22.6658 < 2.2e-16 ***
## idUnitedKingdom 0.292823 0.201537 1.4529 0.1467615
## idUnitedStates 2.792098 0.468093 5.9648 4.185e-09 ***
## time1990 38.467668 10.507738 3.6609 0.0002735 ***
## time1991 38.534260 10.508152 3.6671 0.0002671 ***
## time1992 38.531975 10.508226 3.6668 0.0002674 ***
## time1993 38.492870 10.508630 3.6630 0.0002713 ***
## time1994 38.505237 10.507842 3.6644 0.0002698 ***
## time1995 38.538612 10.506673 3.6680 0.0002662 ***
## time1996 38.573418 10.506040 3.6715 0.0002626 ***
## time1997 38.556866 10.503480 3.6709 0.0002633 ***
## time1998 38.585118 10.502251 3.6740 0.0002602 ***
## time1999 38.582184 10.500873 3.6742 0.0002600 ***
## time2000 38.573207 10.499141 3.6739 0.0002602 ***
## time2001 38.606983 10.498667 3.6773 0.0002569 ***
## time2002 38.630332 10.497937 3.6798 0.0002544 ***
## time2003 38.681509 10.499298 3.6842 0.0002502 ***
## time2004 38.696870 10.498155 3.6861 0.0002484 ***
## time2005 38.779157 10.496772 3.6944 0.0002406 ***
## time2006 38.786550 10.495806 3.6954 0.0002396 ***
## time2007 38.759160 10.494967 3.6931 0.0002417 ***
## time2008 38.712732 10.495484 3.6885 0.0002461 ***
## time2009 38.668736 10.498327 3.6833 0.0002510 ***
## time2010 38.692166 10.497546 3.6858 0.0002486 ***
## time2011 38.633308 10.497192 3.6803 0.0002539 ***
## time2012 38.628990 10.497515 3.6798 0.0002544 ***
## time2013 38.682522 10.494650 3.6859 0.0002485 ***
## time2014 38.586147 10.494328 3.6769 0.0002573 ***
## time2015 38.559612 10.493521 3.6746 0.0002595 ***
## time2016 38.573671 10.493099 3.6761 0.0002581 ***
## time2017 38.597252 10.492169 3.6787 0.0002555 ***
## time2018 38.534249 10.491430 3.6729 0.0002612 ***
## time2019 38.439605 10.490953 3.6641 0.0002702 ***
## time2020 38.347110 10.494686 3.6540 0.0002808 ***
## time2021 38.378105 10.491903 3.6579 0.0002767 ***
## iis414 -0.977207 0.132808 -7.3580 6.168e-13 ***
## iis415 -2.045879 0.131962 -15.5035 < 2.2e-16 ***
## iis416 -1.929802 0.131194 -14.7095 < 2.2e-16 ***
## iis417 -1.652808 0.130608 -12.6547 < 2.2e-16 ***
## iis418 -1.106649 0.130356 -8.4894 < 2.2e-16 ***
## fesisUnitedStates.2003 -0.263832 0.058387 -4.5187 7.498e-06 ***
## fesisDenmark.2004 -0.459535 0.048615 -9.4526 < 2.2e-16 ***
## fesisDenmark.2017 -0.584692 0.065744 -8.8934 < 2.2e-16 ***
## fesisUnitedKingdom.2016 -0.565820 0.058476 -9.6762 < 2.2e-16 ***
## fesisLuxembourg.1995 -0.761370 0.104188 -7.3077 8.708e-13 ***
## fesisLuxembourg.1997 0.387600 0.101836 3.8061 0.0001557 ***
## fesisLuxembourg.2013 -0.337188 0.084385 -3.9958 7.249e-05 ***
## fesisLuxembourg.2016 -0.774949 0.089345 -8.6737 < 2.2e-16 ***
## fesisNetherlands.2014 0.269170 0.051447 5.2320 2.321e-07 ***
## fesisNewZealand.1997 0.458579 0.060200 7.6175 1.012e-13 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## Diagnostics and fit:
##
## Chi-sq df p-value
## Ljung-Box AR(1) 219.298 1 < 2.2e-16 ***
## Ljung-Box ARCH(1) 65.519 1 5.551e-16 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## SE of regression 0.12098
## R-squared 0.99600
## Log-lik.(n=672) 501.84701
## [1] "Formula: l_edgar_v7 ~ lgdp_wb + lpop + lgdp_wb_sq + EU_ETS_08 + EU_ETS_13"
## [1] "EU15+selected (1990:2021); p.value: 0.001; AR: 0"
##
## Date: Mon Oct 31 18:48:03 2022
## Dependent var.: y
## Method: Ordinary Least Squares (OLS)
## Variance-Covariance: Ordinary
## No. of observations (mean eq.): 672
## Sample: 1 to 672
##
## SPECIFIC mean equation:
##
## coef std.error t-stat p-value
## lgdp_wb 0.657279 0.588182 1.1175 0.2642372
## lpop -0.180781 0.229765 -0.7868 0.4317041
## lgdp_wb_sq -0.010429 0.011484 -0.9082 0.3641384
## EU_ETS_08 -0.106275 0.031647 -3.3581 0.0008342 ***
## EU_ETS_13 -0.134965 0.034741 -3.8849 0.0001137 ***
## idAustria -2.477422 0.147705 -16.7728 < 2.2e-16 ***
## idBelgium -2.038380 0.103935 -19.6120 < 2.2e-16 ***
## idCanada -0.436301 0.092989 -4.6920 3.352e-06 ***
## idDenmark -1.858075 0.227061 -8.1832 1.651e-15 ***
## idFinland -2.066894 0.221565 -9.3286 < 2.2e-16 ***
## idFrance -1.152759 0.212786 -5.4175 8.752e-08 ***
## idGermany 0.876439 0.253369 3.4591 0.0005802 ***
## idGreece -1.445223 0.099490 -14.5263 < 2.2e-16 ***
## idIreland -2.674738 0.266202 -10.0478 < 2.2e-16 ***
## idItaly -0.121249 0.204741 -0.5922 0.5539341
## idJapan 1.206896 0.327980 3.6798 0.0002544 ***
## idLuxembourg -4.849081 0.704563 -6.8824 1.481e-11 ***
## idNetherlands -1.162428 0.047344 -24.5530 < 2.2e-16 ***
## idNewZealand -3.770005 0.274443 -13.7369 < 2.2e-16 ***
## idPortugal -2.167327 0.104665 -20.7073 < 2.2e-16 ***
## idSpain -0.597173 0.173312 -3.4457 0.0006093 ***
## idSweden -2.914139 0.132574 -21.9812 < 2.2e-16 ***
## idSwitzerland -4.335927 0.198222 -21.8741 < 2.2e-16 ***
## idUnitedKingdom 0.199849 0.199296 1.0028 0.3163724
## idUnitedStates 2.838117 0.462075 6.1421 1.480e-09 ***
## time1990 4.797540 8.442343 0.5683 0.5700627
## time1991 4.863072 8.442833 0.5760 0.5648304
## time1992 4.860781 8.443023 0.5757 0.5650225
## time1993 4.820538 8.443467 0.5709 0.5682675
## time1994 4.836015 8.442874 0.5728 0.5669991
## time1995 4.862574 8.440777 0.5761 0.5647756
## time1996 4.899898 8.440320 0.5805 0.5617713
## time1997 4.901994 8.439307 0.5809 0.5615572
## time1998 4.934826 8.438328 0.5848 0.5588941
## time1999 4.937013 8.437221 0.5851 0.5586683
## time2000 4.934376 8.435838 0.5849 0.5588139
## time2001 4.970085 8.435534 0.5892 0.5559586
## time2002 4.998298 8.435202 0.5926 0.5537033
## time2003 5.037877 8.435162 0.5972 0.5505669
## time2004 5.055480 8.434329 0.5994 0.5491362
## time2005 5.054295 8.433902 0.5993 0.5492095
## time2006 5.065437 8.433206 0.6007 0.5482967
## time2007 5.041360 8.432612 0.5978 0.5501710
## time2008 5.069285 8.430396 0.6013 0.5478596
## time2009 5.015530 8.432935 0.5948 0.5522307
## time2010 5.041909 8.432402 0.5979 0.5501176
## time2011 4.984420 8.432216 0.5911 0.5546644
## time2012 4.979097 8.432610 0.5905 0.5551056
## time2013 5.024137 8.431285 0.5959 0.5514712
## time2014 4.929513 8.431116 0.5847 0.5589813
## time2015 4.932687 8.430485 0.5851 0.5586989
## time2016 4.948312 8.430150 0.5870 0.5574386
## time2017 4.947366 8.429547 0.5869 0.5574857
## time2018 4.887212 8.429038 0.5798 0.5622620
## time2019 4.794483 8.428740 0.5688 0.5696867
## time2020 4.689159 8.431969 0.5561 0.5783377
## time2021 4.730063 8.429669 0.5611 0.5749240
## iis414 -0.842595 0.132710 -6.3491 4.267e-10 ***
## iis415 -1.924440 0.132245 -14.5520 < 2.2e-16 ***
## iis416 -1.822947 0.131847 -13.8262 < 2.2e-16 ***
## iis417 -1.560470 0.131564 -11.8609 < 2.2e-16 ***
## iis418 -1.021483 0.131444 -7.7713 3.373e-14 ***
## fesisDenmark.2004 -0.431759 0.051508 -8.3823 3.677e-16 ***
## fesisDenmark.2015 -0.557699 0.061749 -9.0317 < 2.2e-16 ***
## fesisUnitedKingdom.2016 -0.530401 0.058998 -8.9901 < 2.2e-16 ***
## fesisLuxembourg.1995 -0.557856 0.074526 -7.4854 2.546e-13 ***
## fesisLuxembourg.2013 -0.349723 0.085357 -4.0972 4.755e-05 ***
## fesisLuxembourg.2016 -0.806778 0.090842 -8.8811 < 2.2e-16 ***
## fesisNetherlands.2014 0.272218 0.052443 5.1908 2.868e-07 ***
## fesisNewZealand.1997 0.406021 0.059710 6.7999 2.528e-11 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## Diagnostics and fit:
##
## Chi-sq df p-value
## Ljung-Box AR(1) 231.634 1 < 2.2e-16 ***
## Ljung-Box ARCH(1) 69.414 1 < 2.2e-16 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## SE of regression 0.12333
## R-squared 0.99583
## Log-lik.(n=672) 487.916652000-2021
AR = 0
## [1] "Formula: l_edgar_v7 ~ lgdp_wb + lpop + lgdp_wb_sq"
## [1] "EU15+selected (2000:2021); p.value: 0.01; AR: 0"
##
## Date: Mon Oct 31 15:10:56 2022
## Dependent var.: y
## Method: Ordinary Least Squares (OLS)
## Variance-Covariance: Ordinary
## No. of observations (mean eq.): 462
## Sample: 1 to 462
##
## SPECIFIC mean equation:
##
## coef std.error t-stat p-value
## lgdp_wb -4.420012 1.017602 -4.3436 1.773e-05 ***
## lpop -0.796670 0.248428 -3.2068 0.0014483 **
## lgdp_wb_sq 0.091505 0.019051 4.8032 2.200e-06 ***
## idAustria -2.659562 0.180054 -14.7709 < 2.2e-16 ***
## idBelgium -2.166670 0.130220 -16.6385 < 2.2e-16 ***
## idCanada -0.284609 0.108038 -2.6343 0.0087526 **
## idDenmark -2.577050 0.264599 -9.7395 < 2.2e-16 ***
## idFinland -2.344915 0.263860 -8.8870 < 2.2e-16 ***
## idFrance -1.014886 0.240284 -4.2237 2.969e-05 ***
## idGermany 0.872007 0.287761 3.0303 0.0025993 **
## idGreece -1.274184 0.130909 -9.7334 < 2.2e-16 ***
## idIreland -3.104354 0.306774 -10.1193 < 2.2e-16 ***
## idItaly 0.094753 0.225716 0.4198 0.6748621
## idJapan 1.186265 0.391015 3.0338 0.0025700 **
## idLuxembourg -8.152393 0.767263 -10.6253 < 2.2e-16 ***
## idNetherlands -1.171972 0.060067 -19.5111 < 2.2e-16 ***
## idNewZealand -3.564029 0.294115 -12.1178 < 2.2e-16 ***
## idPortugal -2.000005 0.137318 -14.5648 < 2.2e-16 ***
## idSpain -0.204918 0.185861 -1.1025 0.2708834
## idSweden -3.173976 0.163315 -19.4347 < 2.2e-16 ***
## idSwitzerland -4.715056 0.221621 -21.2753 < 2.2e-16 ***
## idUnitedKingdom 0.132349 0.228045 0.5804 0.5619917
## idUnitedStates 2.170784 0.596653 3.6383 0.0003099 ***
## time2000 77.872023 13.431401 5.7978 1.352e-08 ***
## time2001 77.902597 13.431188 5.8001 1.334e-08 ***
## time2002 77.924607 13.430246 5.8022 1.319e-08 ***
## time2003 77.961288 13.430119 5.8050 1.299e-08 ***
## time2004 77.949197 13.429728 5.8042 1.305e-08 ***
## time2005 77.941303 13.429304 5.8038 1.307e-08 ***
## time2006 77.942839 13.428872 5.8041 1.305e-08 ***
## time2007 77.910157 13.428561 5.8018 1.322e-08 ***
## time2008 77.865360 13.428546 5.7985 1.346e-08 ***
## time2009 77.834289 13.429801 5.7956 1.368e-08 ***
## time2010 77.853279 13.429157 5.7973 1.355e-08 ***
## time2011 77.770043 13.428846 5.7913 1.401e-08 ***
## time2012 77.766870 13.428669 5.7911 1.402e-08 ***
## time2013 77.698474 13.428513 5.7861 1.442e-08 ***
## time2014 77.599081 13.428197 5.7788 1.500e-08 ***
## time2015 77.582754 13.427963 5.7777 1.509e-08 ***
## time2016 77.569445 13.426797 5.7772 1.513e-08 ***
## time2017 77.548795 13.426023 5.7760 1.524e-08 ***
## time2018 77.481396 13.425540 5.7712 1.564e-08 ***
## time2019 77.383652 13.425225 5.7640 1.627e-08 ***
## time2020 77.308168 13.427335 5.7575 1.686e-08 ***
## time2021 77.325316 13.425878 5.7594 1.669e-08 ***
## iis267 -0.554344 0.145107 -3.8202 0.0001542 ***
## fesisAustria.2017 0.237616 0.052911 4.4909 9.258e-06 ***
## fesisSwitzerland.2016 0.363134 0.050673 7.1663 3.659e-12 ***
## fesisDenmark.2015 -0.568999 0.047750 -11.9162 < 2.2e-16 ***
## fesisUnitedKingdom.2016 -0.499293 0.050552 -9.8769 < 2.2e-16 ***
## fesisLuxembourg.2002 1.096907 0.108476 10.1120 < 2.2e-16 ***
## fesisLuxembourg.2016 -0.921836 0.062350 -14.7849 < 2.2e-16 ***
## fesisNetherlands.2014 0.267224 0.045986 5.8110 1.257e-08 ***
## fesisSweden.2016 0.229474 0.050204 4.5708 6.457e-06 ***
## fesisJapan.2011 0.467562 0.046090 10.1445 < 2.2e-16 ***
## fesisAustralia.2015 0.250454 0.052567 4.7645 2.641e-06 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## Diagnostics and fit:
##
## Chi-sq df p-value
## Ljung-Box AR(1) 77.288 1 < 2.2e-16 ***
## Ljung-Box ARCH(1) 12.719 1 0.000362 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## SE of regression 0.10011
## R-squared 0.99733
## Log-lik.(n=462) 435.71755
## [1] "Formula: l_edgar_v7 ~ lgdp_wb + lpop + lgdp_wb_sq"
## [1] "EU15+selected (2000:2021); p.value: 0.001; AR: 0"
##
## Date: Mon Oct 31 15:11:04 2022
## Dependent var.: y
## Method: Ordinary Least Squares (OLS)
## Variance-Covariance: Ordinary
## No. of observations (mean eq.): 462
## Sample: 1 to 462
##
## SPECIFIC mean equation:
##
## coef std.error t-stat p-value
## lgdp_wb -3.684972 1.086834 -3.3906 0.0007653 ***
## lpop -0.579697 0.266417 -2.1759 0.0301347 *
## lgdp_wb_sq 0.076949 0.020357 3.7799 0.0001802 ***
## idAustria -2.480751 0.191403 -12.9609 < 2.2e-16 ***
## idBelgium -2.090188 0.138679 -15.0721 < 2.2e-16 ***
## idCanada -0.381284 0.115521 -3.3006 0.0010496 **
## idDenmark -2.354983 0.282664 -8.3314 1.222e-15 ***
## idFinland -2.136875 0.281720 -7.5851 2.259e-13 ***
## idFrance -1.207773 0.256715 -4.7047 3.483e-06 ***
## idGermany 0.658069 0.307136 2.1426 0.0327350 *
## idGreece -1.221574 0.138879 -8.7960 < 2.2e-16 ***
## idIreland -2.854506 0.327835 -8.7071 < 2.2e-16 ***
## idItaly -0.097289 0.241412 -0.4030 0.6871591
## idJapan 0.917198 0.417360 2.1976 0.0285363 *
## idLuxembourg -7.396165 0.821954 -8.9983 < 2.2e-16 ***
## idNetherlands -1.062030 0.062442 -17.0084 < 2.2e-16 ***
## idNewZealand -3.320709 0.314027 -10.5746 < 2.2e-16 ***
## idPortugal -1.939277 0.145705 -13.3096 < 2.2e-16 ***
## idSpain -0.377651 0.199230 -1.8956 0.0587238 .
## idSweden -3.001861 0.171962 -17.4565 < 2.2e-16 ***
## idSwitzerland -4.535464 0.237027 -19.1348 < 2.2e-16 ***
## idUnitedKingdom -0.029173 0.243444 -0.1198 0.9046744
## idUnitedStates 1.881426 0.634984 2.9629 0.0032250 **
## time2000 65.026001 14.387493 4.5196 8.122e-06 ***
## time2001 65.056319 14.387267 4.5218 8.043e-06 ***
## time2002 65.077057 14.386319 4.5235 7.980e-06 ***
## time2003 65.113048 14.386194 4.5261 7.889e-06 ***
## time2004 65.101024 14.385773 4.5254 7.914e-06 ***
## time2005 65.092913 14.385324 4.5250 7.929e-06 ***
## time2006 65.094501 14.384861 4.5252 7.920e-06 ***
## time2007 65.061750 14.384527 4.5230 7.998e-06 ***
## time2008 65.015419 14.384535 4.5198 8.115e-06 ***
## time2009 64.980536 14.385929 4.5170 8.220e-06 ***
## time2010 64.999537 14.385245 4.5185 8.163e-06 ***
## time2011 64.916789 14.384935 4.5128 8.373e-06 ***
## time2012 64.912605 14.384764 4.5126 8.382e-06 ***
## time2013 64.843443 14.384611 4.5078 8.563e-06 ***
## time2014 64.756458 14.384278 4.5019 8.795e-06 ***
## time2015 64.791592 14.382853 4.5048 8.682e-06 ***
## time2016 64.748648 14.382955 4.5018 8.800e-06 ***
## time2017 64.739334 14.382336 4.5013 8.818e-06 ***
## time2018 64.671910 14.381822 4.4968 8.998e-06 ***
## time2019 64.573925 14.381489 4.4901 9.273e-06 ***
## time2020 64.493918 14.383800 4.4838 9.537e-06 ***
## time2021 64.513569 14.382211 4.4857 9.458e-06 ***
## iis267 -0.551302 0.154759 -3.5623 0.0004109 ***
## fesisSwitzerland.2016 0.317445 0.053665 5.9153 7.004e-09 ***
## fesisDenmark.2015 -0.615926 0.050671 -12.1555 < 2.2e-16 ***
## fesisUnitedKingdom.2016 -0.533781 0.053639 -9.9514 < 2.2e-16 ***
## fesisLuxembourg.2002 1.108098 0.115688 9.5783 < 2.2e-16 ***
## fesisLuxembourg.2015 -0.979336 0.064475 -15.1895 < 2.2e-16 ***
## fesisJapan.2011 0.451675 0.049074 9.2039 < 2.2e-16 ***
## fesisAustralia.2015 0.195883 0.055801 3.5104 0.0004972 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## Diagnostics and fit:
##
## Chi-sq df p-value
## Ljung-Box AR(1) 86.701 1 < 2.2e-16 ***
## Ljung-Box ARCH(1) 31.611 1 1.884e-08 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## SE of regression 0.10677
## R-squared 0.99694
## Log-lik.(n=462) 404.46662AR = 1
## [1] "Formula: l_edgar_v7 ~ lgdp_wb + lpop + lgdp_wb_sq"
## [1] "EU15+selected (2000:2021); p.value: 0.01; AR: 1"
##
## Date: Mon Oct 31 15:19:39 2022
## Dependent var.: y
## Method: Ordinary Least Squares (OLS)
## Variance-Covariance: Ordinary
## No. of observations (mean eq.): 441
## Sample: 1 to 441
##
## SPECIFIC mean equation:
##
## coef std.error t-stat p-value
## ar1 0.753421 0.025656 29.3657 < 2.2e-16 ***
## lgdp_wb 12.953857 4.467012 2.8999 0.0039458 **
## lpop -27.717591 7.492620 -3.6993 0.0002475 ***
## lgdp_wb_sq 0.164275 0.035846 4.5828 6.200e-06 ***
## idAustria -0.635206 0.070782 -8.9742 < 2.2e-16 ***
## idBelgium -0.578311 0.063158 -9.1566 < 2.2e-16 ***
## idCanada -0.165216 0.029177 -5.6626 2.911e-08 ***
## idDenmark -0.664734 0.067776 -9.8077 < 2.2e-16 ***
## idFinland -0.429493 0.068668 -6.2547 1.055e-09 ***
## idFrance -0.370414 0.044940 -8.2425 2.648e-15 ***
## idGermany 0.109218 0.028356 3.8517 0.0001373 ***
## idGreece -0.437980 0.048990 -8.9402 < 2.2e-16 ***
## idIreland -0.692769 0.074416 -9.3094 < 2.2e-16 ***
## idItaly -0.120562 0.027534 -4.3786 1.539e-05 ***
## idJapan 0.170809 0.037553 4.5485 7.239e-06 ***
## idLuxembourg -1.281330 0.140525 -9.1182 < 2.2e-16 ***
## idNetherlands -0.307144 0.040209 -7.6387 1.739e-13 ***
## idNewZealand -0.825602 0.088841 -9.2931 < 2.2e-16 ***
## idPortugal -0.564649 0.066618 -8.4760 4.953e-16 ***
## idSpain -0.238518 0.033251 -7.1732 3.756e-12 ***
## idSweden -0.757331 0.082584 -9.1704 < 2.2e-16 ***
## idSwitzerland -1.041851 0.112055 -9.2976 < 2.2e-16 ***
## idUnitedKingdom -0.107629 0.026125 -4.1198 4.641e-05 ***
## idUnitedStates 0.576284 0.066828 8.6233 < 2.2e-16 ***
## time2001 -5.873505 4.304572 -1.3645 0.1732092
## time2002 -6.232649 4.354978 -1.4312 0.1531928
## time2003 -6.361678 4.369569 -1.4559 0.1462296
## time2004 -6.806547 4.434205 -1.5350 0.1255986
## time2005 -7.219022 4.503965 -1.6028 0.1097913
## time2006 -7.555272 4.546714 -1.6617 0.0973828 .
## time2007 -7.733643 4.569226 -1.6925 0.0913460 .
## time2008 -7.687228 4.539666 -1.6933 0.0911942 .
## time2009 -6.734519 4.339379 -1.5520 0.1214904
## time2010 -7.018853 4.393703 -1.5975 0.1109749
## time2011 -7.528061 4.459589 -1.6881 0.0922050 .
## time2012 -7.577000 4.461701 -1.6982 0.0902679 .
## time2013 -7.841645 4.489512 -1.7467 0.0814899 .
## time2014 -8.236035 4.543932 -1.8125 0.0706783 .
## time2015 -8.119958 4.522178 -1.7956 0.0733405 .
## time2016 -8.038917 4.489129 -1.7908 0.0741145 .
## time2017 -8.354082 4.537963 -1.8409 0.0663968 .
## time2018 -8.545789 4.546872 -1.8795 0.0609291 .
## iis90 0.389817 0.086092 4.5279 7.942e-06 ***
## iis103 -0.338686 0.086569 -3.9123 0.0001080 ***
## iis110 -0.327609 0.086790 -3.7747 0.0001853 ***
## iis111 0.417637 0.086794 4.8118 2.147e-06 ***
## iis254 0.718071 0.090346 7.9481 2.094e-14 ***
## iis265 -0.341108 0.087345 -3.9053 0.0001110 ***
## iis268 -0.402202 0.091060 -4.4169 1.301e-05 ***
## iis325 -0.344251 0.086391 -3.9848 8.071e-05 ***
## fesisFinland.2005 -0.149512 0.047348 -3.1577 0.0017147 **
## fesisJapan.2010 0.129627 0.038629 3.3557 0.0008700 ***
## fesisLuxembourg.2015 -0.330696 0.047988 -6.8912 2.254e-11 ***
## fesisPortugal.2018 -0.186212 0.046999 -3.9620 8.848e-05 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## Diagnostics and fit:
##
## Chi-sq df p-value
## Ljung-Box AR(1) 0.25637 1 0.612623
## Ljung-Box ARCH(1) 10.98407 1 0.000919 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## SE of regression 0.08177
## R-squared 0.99821
## Log-lik.(n=441) 505.42429
## [1] "Formula: l_edgar_v7 ~ lgdp_wb + lpop + lgdp_wb_sq"
## [1] "EU15+selected (2000:2021); p.value: 0.001; AR: 1"
##
## Date: Mon Oct 31 15:20:15 2022
## Dependent var.: y
## Method: Ordinary Least Squares (OLS)
## Variance-Covariance: Ordinary
## No. of observations (mean eq.): 441
## Sample: 1 to 441
##
## SPECIFIC mean equation:
##
## coef std.error t-stat p-value
## ar1 0.834028 0.030829 27.0533 < 2.2e-16 ***
## lgdp_wb 9.436365 4.822309 1.9568 0.0510806 .
## lpop -23.735693 8.121732 -2.9225 0.0036741 **
## lgdp_wb_sq 0.194809 0.039102 4.9820 9.465e-07 ***
## idAustria -0.427439 0.084104 -5.0822 5.793e-07 ***
## idBelgium -0.396412 0.074828 -5.2977 1.963e-07 ***
## idCanada -0.119209 0.032694 -3.6462 0.0003021 ***
## idDenmark -0.464168 0.080632 -5.7566 1.737e-08 ***
## idFinland -0.265587 0.079343 -3.3473 0.0008951 ***
## idFrance -0.253587 0.052495 -4.8307 1.957e-06 ***
## idGermany 0.068592 0.031634 2.1683 0.0307362 *
## idGreece -0.306056 0.057489 -5.3237 1.718e-07 ***
## idIreland -0.472823 0.088519 -5.3415 1.568e-07 ***
## idItaly -0.085963 0.030567 -2.8122 0.0051677 **
## idJapan 0.168326 0.040206 4.1865 3.502e-05 ***
## idLuxembourg -0.902211 0.163977 -5.5021 6.800e-08 ***
## idNetherlands -0.208796 0.046627 -4.4780 9.901e-06 ***
## idNewZealand -0.557982 0.105998 -5.2641 2.329e-07 ***
## idPortugal -0.427391 0.077402 -5.5217 6.130e-08 ***
## idSpain -0.170492 0.037897 -4.4989 9.021e-06 ***
## idSweden -0.510281 0.098423 -5.1846 3.480e-07 ***
## idSwitzerland -0.698842 0.134050 -5.2133 3.012e-07 ***
## idUnitedKingdom -0.086398 0.028726 -3.0076 0.0028031 **
## idUnitedStates 0.381869 0.079297 4.8157 2.101e-06 ***
## time2001 -1.367973 4.625018 -0.2958 0.7675576
## time2002 -1.713017 4.680097 -0.3660 0.7145468
## time2003 -1.845714 4.696090 -0.3930 0.6945100
## time2004 -2.275744 4.766338 -0.4775 0.6333001
## time2005 -2.667919 4.842183 -0.5510 0.5819658
## time2006 -2.979387 4.888781 -0.6094 0.5425910
## time2007 -3.179299 4.913359 -0.6471 0.5179648
## time2008 -3.156116 4.881498 -0.6465 0.5183048
## time2009 -2.298660 4.664449 -0.4928 0.6224277
## time2010 -2.577690 4.723511 -0.5457 0.5855732
## time2011 -3.055628 4.795182 -0.6372 0.5243488
## time2012 -3.111605 4.797694 -0.6486 0.5170019
## time2013 -3.392453 4.828051 -0.7027 0.4826890
## time2014 -3.754056 4.887356 -0.7681 0.4428819
## time2015 -3.645499 4.864016 -0.7495 0.4540166
## time2016 -3.597921 4.828239 -0.7452 0.4566088
## time2017 -3.906984 4.881472 -0.8004 0.4239824
## time2018 -4.120604 4.891426 -0.8424 0.4000715
## iis110 -0.350722 0.094851 -3.6976 0.0002487 ***
## iis111 0.409181 0.094624 4.3243 1.945e-05 ***
## iis253 0.301731 0.107027 2.8192 0.0050593 **
## iis254 0.844546 0.100530 8.4010 8.287e-16 ***
## iis267 -0.252280 0.104158 -2.4221 0.0158852 *
## iis268 -0.484338 0.101591 -4.7676 2.635e-06 ***
## fesisFinland.2005 -0.138902 0.051707 -2.6863 0.0075328 **
## fesisLuxembourg.2015 -0.158578 0.061342 -2.5851 0.0100955 *
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## Diagnostics and fit:
##
## Chi-sq df p-value
## Ljung-Box AR(1) 4.0489 1 0.04420 *
## Ljung-Box ARCH(1) 5.0086 1 0.02522 *
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## SE of regression 0.08929
## R-squared 0.99784
## Log-lik.(n=441) 464.65999ETS (all phases)
## [1] "Formula: l_edgar_v7 ~ lgdp_wb + lpop + lgdp_wb_sq + EU_ETS_05 + EU_ETS_08 + EU_ETS_13"
## [1] "EU15+selected (2000:2021); p.value: 0.01; AR: 0"
##
## Date: Mon Oct 31 19:11:01 2022
## Dependent var.: y
## Method: Ordinary Least Squares (OLS)
## Variance-Covariance: Ordinary
## No. of observations (mean eq.): 462
## Sample: 1 to 462
##
## SPECIFIC mean equation:
##
## coef std.error t-stat p-value
## lgdp_wb -1.186247 1.221455 -0.9712 0.3320480
## lpop -0.984751 0.269011 -3.6606 0.0002853 ***
## lgdp_wb_sq 0.030389 0.022899 1.3271 0.1852346
## EU_ETS_05 -0.029953 0.033842 -0.8851 0.3766370
## EU_ETS_08 -0.022055 0.033795 -0.6526 0.5143762
## EU_ETS_13 -0.100856 0.033307 -3.0281 0.0026204 **
## idAustria -2.895259 0.203188 -14.2491 < 2.2e-16 ***
## idBelgium -2.346224 0.145727 -16.1002 < 2.2e-16 ***
## idCanada -0.190803 0.116833 -1.6331 0.1032301
## idDenmark -2.888524 0.298340 -9.6820 < 2.2e-16 ***
## idFinland -2.659949 0.297860 -8.9302 < 2.2e-16 ***
## idFrance -0.616363 0.282300 -2.1834 0.0295898 *
## idGermany 1.396664 0.341547 4.0892 5.234e-05 ***
## idGreece -1.452894 0.142318 -10.2088 < 2.2e-16 ***
## idIreland -3.450348 0.344895 -10.0041 < 2.2e-16 ***
## idItaly 0.425114 0.261253 1.6272 0.1044798
## idJapan 1.857926 0.455644 4.0776 5.492e-05 ***
## idLuxembourg -8.687154 0.849520 -10.2260 < 2.2e-16 ***
## idNetherlands -1.236109 0.063309 -19.5251 < 2.2e-16 ***
## idNewZealand -3.916332 0.342390 -11.4382 < 2.2e-16 ***
## idPortugal -2.184935 0.149914 -14.5746 < 2.2e-16 ***
## idSpain -0.016321 0.207197 -0.0788 0.9372564
## idSweden -3.382884 0.183400 -18.4454 < 2.2e-16 ***
## idSwitzerland -4.972768 0.249396 -19.9393 < 2.2e-16 ***
## idUnitedKingdom 0.554044 0.271591 2.0400 0.0420076 *
## idUnitedStates 3.510130 0.715280 4.9073 1.346e-06 ***
## time2000 38.318386 15.664908 2.4461 0.0148698 *
## time2001 38.351402 15.664469 2.4483 0.0147817 *
## time2002 38.375231 15.663353 2.4500 0.0147133 *
## time2003 38.414346 15.662982 2.4526 0.0146108 *
## time2004 38.405652 15.662298 2.4521 0.0146287 *
## time2005 38.422628 15.658203 2.4538 0.0145598 *
## time2006 38.427842 15.657453 2.4543 0.0145418 *
## time2007 38.398414 15.656852 2.4525 0.0146131 *
## time2008 38.371581 15.654691 2.4511 0.0146682 *
## time2009 38.338010 15.655968 2.4488 0.0147625 *
## time2010 38.360968 15.654998 2.4504 0.0146973 *
## time2011 38.285735 15.653804 2.4458 0.0148841 *
## time2012 38.284586 15.653419 2.4458 0.0148846 *
## time2013 38.301490 15.643380 2.4484 0.0147772 *
## time2014 38.204469 15.642882 2.4423 0.0150265 *
## time2015 38.228952 15.641391 2.4441 0.0149529 *
## time2016 38.199105 15.641027 2.4422 0.0150287 *
## time2017 38.181887 15.639969 2.4413 0.0150671 *
## time2018 38.101197 15.638789 2.4363 0.0152728 *
## time2019 37.992197 15.637997 2.4295 0.0155599 *
## time2020 37.910894 15.640353 2.4239 0.0157968 *
## time2021 37.933988 15.638521 2.4257 0.0157215 *
## iis267 -0.546667 0.136750 -3.9976 7.621e-05 ***
## fesisAustria.2017 0.248888 0.050263 4.9517 1.087e-06 ***
## fesisSwitzerland.2018 0.351523 0.056652 6.2050 1.368e-09 ***
## fesisDenmark.2015 -0.573362 0.045277 -12.6633 < 2.2e-16 ***
## fesisUnitedKingdom.2016 -0.450580 0.049440 -9.1136 < 2.2e-16 ***
## fesisLuxembourg.2002 1.098020 0.102876 10.6733 < 2.2e-16 ***
## fesisLuxembourg.2015 -0.535163 0.104132 -5.1393 4.322e-07 ***
## fesisLuxembourg.2016 -0.441592 0.105713 -4.1773 3.625e-05 ***
## fesisNetherlands.2014 0.278052 0.043709 6.3614 5.473e-10 ***
## fesisSweden.2016 0.252053 0.048447 5.2027 3.145e-07 ***
## fesisJapan.2011 0.363157 0.051762 7.0159 9.818e-12 ***
## fesisAustralia.2016 0.221944 0.052431 4.2330 2.862e-05 ***
## fesisNewZealand.2013 -0.234587 0.057319 -4.0927 5.160e-05 ***
## fesisNewZealand.2019 0.294094 0.070025 4.1998 3.296e-05 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## Diagnostics and fit:
##
## Chi-sq df p-value
## Ljung-Box AR(1) 67.106 1 2.220e-16 ***
## Ljung-Box ARCH(1) 19.521 1 9.949e-06 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## SE of regression 0.09434
## R-squared 0.99767
## Log-lik.(n=462) 466.16585
## [1] "Formula: l_edgar_v7 ~ lgdp_wb + lpop + lgdp_wb_sq + EU_ETS_05 + EU_ETS_08 + EU_ETS_13"
## [1] "EU15+selected (2000:2021); p.value: 0.001; AR: 0"
##
## Date: Mon Oct 31 19:11:01 2022
## Dependent var.: y
## Method: Ordinary Least Squares (OLS)
## Variance-Covariance: Ordinary
## No. of observations (mean eq.): 462
## Sample: 1 to 462
##
## SPECIFIC mean equation:
##
## coef std.error t-stat p-value
## lgdp_wb -0.925490 1.181114 -0.7836 0.4337493
## lpop -1.834425 0.264173 -6.9440 1.529e-11 ***
## lgdp_wb_sq 0.027300 0.022150 1.2325 0.2184757
## EU_ETS_05 -0.038955 0.037755 -1.0318 0.3027891
## EU_ETS_08 -0.053276 0.037444 -1.4228 0.1555658
## EU_ETS_13 -0.142859 0.031679 -4.5095 8.526e-06 ***
## idAustria -3.557248 0.196777 -18.0776 < 2.2e-16 ***
## idBelgium -2.803620 0.142440 -19.6829 < 2.2e-16 ***
## idCanada 0.168917 0.115129 1.4672 0.1430991
## idDenmark -3.880850 0.287732 -13.4877 < 2.2e-16 ***
## idFinland -3.659709 0.286862 -12.7577 < 2.2e-16 ***
## idFrance 0.288216 0.270866 1.0641 0.2879392
## idGermany 2.476384 0.327030 7.5723 2.516e-13 ***
## idGreece -1.843694 0.144714 -12.7403 < 2.2e-16 ***
## idIreland -4.609007 0.332139 -13.8767 < 2.2e-16 ***
## idItaly 1.268086 0.251609 5.0399 7.041e-07 ***
## idJapan 3.423520 0.426637 8.0244 1.119e-14 ***
## idLuxembourg -11.600457 0.818763 -14.1683 < 2.2e-16 ***
## idNetherlands -1.383113 0.065886 -20.9925 < 2.2e-16 ***
## idNewZealand -5.146925 0.326210 -15.7779 < 2.2e-16 ***
## idPortugal -2.607858 0.151723 -17.1883 < 2.2e-16 ***
## idSpain 0.641678 0.202476 3.1692 0.0016452 **
## idSweden -3.974454 0.178063 -22.3205 < 2.2e-16 ***
## idSwitzerland -5.786170 0.240935 -24.0154 < 2.2e-16 ***
## idUnitedKingdom 1.413401 0.259911 5.4380 9.347e-08 ***
## idUnitedStates 5.541749 0.687292 8.0632 8.522e-15 ***
## time2000 47.743582 15.151080 3.1512 0.0017473 **
## time2001 47.779739 15.150651 3.1536 0.0017329 **
## time2002 47.805567 15.149567 3.1556 0.0017218 **
## time2003 47.849155 15.149205 3.1585 0.0017049 **
## time2004 47.843513 15.148537 3.1583 0.0017062 **
## time2005 47.870824 15.144573 3.1609 0.0016912 **
## time2006 47.879387 15.143842 3.1616 0.0016872 **
## time2007 47.853336 15.143255 3.1600 0.0016962 **
## time2008 47.855561 15.141596 3.1605 0.0016934 **
## time2009 47.831610 15.142837 3.1587 0.0017039 **
## time2010 47.858101 15.141896 3.1606 0.0016928 **
## time2011 47.803655 15.141174 3.1572 0.0017125 **
## time2012 47.807379 15.140802 3.1575 0.0017106 **
## time2013 47.847387 15.136567 3.1610 0.0016905 **
## time2014 47.754079 15.136090 3.1550 0.0017252 **
## time2015 47.793566 15.134328 3.1580 0.0017081 **
## time2016 47.742252 15.134687 3.1545 0.0017280 **
## time2017 47.727954 15.133683 3.1538 0.0017323 **
## time2018 47.650827 15.132786 3.1488 0.0017609 **
## time2019 47.559142 15.132242 3.1429 0.0017962 **
## time2020 47.486878 15.134528 3.1377 0.0018279 **
## time2021 47.507600 15.132748 3.1394 0.0018173 **
## iis267 -0.550316 0.153139 -3.5936 0.0003664 ***
## fesisAustria.2017 0.262708 0.056102 4.6826 3.873e-06 ***
## fesisSwitzerland.2018 0.345100 0.061850 5.5796 4.425e-08 ***
## fesisDenmark.2015 -0.570364 0.050621 -11.2674 < 2.2e-16 ***
## fesisUnitedKingdom.2016 -0.424996 0.054715 -7.7675 6.667e-14 ***
## fesisLuxembourg.2002 1.144182 0.114538 9.9896 < 2.2e-16 ***
## fesisLuxembourg.2015 -0.788676 0.064458 -12.2355 < 2.2e-16 ***
## fesisNetherlands.2014 0.277343 0.048942 5.6667 2.771e-08 ***
## fesisSweden.2016 0.289059 0.053801 5.3728 1.313e-07 ***
## fesisAustralia.2016 0.259256 0.057646 4.4974 9.004e-06 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## Diagnostics and fit:
##
## Chi-sq df p-value
## Ljung-Box AR(1) 86.648 1 < 2e-16 ***
## Ljung-Box ARCH(1) 30.009 1 4.3e-08 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## SE of regression 0.10565
## R-squared 0.99704
## Log-lik.(n=462) 411.83634ETS (individual)
## [1] "Formula: l_edgar_v7 ~ lgdp_wb + lpop + lgdp_wb_sq + EU_ETS_05"
## [1] "EU15+selected (2000:2021); p.value: 0.001; AR: 0"
##
## Date: Mon Oct 31 15:45:16 2022
## Dependent var.: y
## Method: Ordinary Least Squares (OLS)
## Variance-Covariance: Ordinary
## No. of observations (mean eq.): 462
## Sample: 1 to 462
##
## SPECIFIC mean equation:
##
## coef std.error t-stat p-value
## lgdp_wb -3.411674 1.152534 -2.9602 0.0032543 **
## lpop -0.631194 0.276110 -2.2860 0.0227646 *
## lgdp_wb_sq 0.071865 0.021571 3.3315 0.0009425 ***
## EU_ETS_05 -0.021670 0.030267 -0.7159 0.4744321
## idAustria -2.517290 0.198200 -12.7007 < 2.2e-16 ***
## idBelgium -2.113820 0.142634 -14.8199 < 2.2e-16 ***
## idCanada -0.356624 0.120613 -2.9568 0.0032895 **
## idDenmark -2.412121 0.293877 -8.2079 2.983e-15 ***
## idFinland -2.194517 0.293160 -7.4857 4.427e-13 ***
## idFrance -1.126750 0.280693 -4.0142 7.099e-05 ***
## idGermany 0.756731 0.336802 2.2468 0.0251859 *
## idGreece -1.242173 0.141909 -8.7533 < 2.2e-16 ***
## idIreland -2.921444 0.341094 -8.5649 2.241e-16 ***
## idItaly -0.024378 0.262145 -0.0930 0.9259525
## idJapan 1.033162 0.447920 2.3066 0.0215787 *
## idLuxembourg -7.556099 0.852242 -8.8661 < 2.2e-16 ***
## idNetherlands -1.062853 0.062490 -17.0085 < 2.2e-16 ***
## idNewZealand -3.401810 0.334009 -10.1848 < 2.2e-16 ***
## idPortugal -1.961739 0.149130 -13.1546 < 2.2e-16 ***
## idSpain -0.324034 0.212951 -1.5216 0.1288753
## idSweden -3.032678 0.177367 -17.0983 < 2.2e-16 ***
## idSwitzerland -4.591353 0.249685 -18.3886 < 2.2e-16 ***
## idUnitedKingdom 0.051927 0.268639 0.1933 0.8468220
## idUnitedStates 2.077906 0.692098 3.0023 0.0028440 **
## time2000 62.211605 14.923126 4.1688 3.741e-05 ***
## time2001 62.242251 14.922788 4.1710 3.708e-05 ***
## time2002 62.263186 14.921800 4.1726 3.682e-05 ***
## time2003 62.299562 14.921537 4.1751 3.643e-05 ***
## time2004 62.287938 14.920984 4.1745 3.653e-05 ***
## time2005 62.295749 14.914710 4.1768 3.618e-05 ***
## time2006 62.297772 14.914102 4.1771 3.613e-05 ***
## time2007 62.265423 14.913633 4.1751 3.644e-05 ***
## time2008 62.219560 14.913470 4.1720 3.691e-05 ***
## time2009 62.184891 14.914738 4.1694 3.733e-05 ***
## time2010 62.204360 14.913906 4.1709 3.709e-05 ***
## time2011 62.122500 14.913282 4.1656 3.793e-05 ***
## time2012 62.118689 14.912981 4.1654 3.795e-05 ***
## time2013 62.049877 14.912705 4.1609 3.868e-05 ***
## time2014 61.963279 14.912242 4.1552 3.962e-05 ***
## time2015 61.998556 14.910813 4.1580 3.916e-05 ***
## time2016 61.955954 14.910787 4.1551 3.963e-05 ***
## time2017 61.947110 14.910018 4.1547 3.969e-05 ***
## time2018 61.880100 14.909370 4.1504 4.042e-05 ***
## time2019 61.782475 14.908917 4.1440 4.152e-05 ***
## time2020 61.702391 14.911177 4.1380 4.258e-05 ***
## time2021 61.722413 14.909506 4.1398 4.226e-05 ***
## iis267 -0.550834 0.154853 -3.5571 0.0004189 ***
## fesisSwitzerland.2016 0.314714 0.053832 5.8462 1.031e-08 ***
## fesisDenmark.2015 -0.615964 0.050701 -12.1490 < 2.2e-16 ***
## fesisUnitedKingdom.2016 -0.529320 0.054031 -9.7966 < 2.2e-16 ***
## fesisLuxembourg.2002 1.110822 0.115820 9.5909 < 2.2e-16 ***
## fesisLuxembourg.2015 -0.976198 0.064662 -15.0970 < 2.2e-16 ***
## fesisJapan.2011 0.441273 0.051208 8.6173 < 2.2e-16 ***
## fesisAustralia.2015 0.197847 0.055901 3.5392 0.0004475 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## Diagnostics and fit:
##
## Chi-sq df p-value
## Ljung-Box AR(1) 87.127 1 < 2.2e-16 ***
## Ljung-Box ARCH(1) 31.949 1 1.583e-08 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## SE of regression 0.10684
## R-squared 0.99695
## Log-lik.(n=462) 404.69117
## [1] "Formula: l_edgar_v7 ~ lgdp_wb + lpop + lgdp_wb_sq + EU_ETS_08"
## [1] "EU15+selected (2000:2021); p.value: 0.001; AR: 0"
##
## Date: Mon Oct 31 16:22:07 2022
## Dependent var.: y
## Method: Ordinary Least Squares (OLS)
## Variance-Covariance: Ordinary
## No. of observations (mean eq.): 462
## Sample: 1 to 462
##
## SPECIFIC mean equation:
##
## coef std.error t-stat p-value
## lgdp_wb -3.275504 1.106127 -2.9612 0.0032440 **
## lpop -0.720159 0.268442 -2.6827 0.0076005 **
## lgdp_wb_sq 0.069028 0.020716 3.3320 0.0009411 ***
## EU_ETS_08 -0.036951 0.027211 -1.3579 0.1752343
## idAustria -2.608497 0.197532 -13.2055 < 2.2e-16 ***
## idBelgium -2.179559 0.142497 -15.2954 < 2.2e-16 ***
## idCanada -0.304429 0.117633 -2.5880 0.0100007 *
## idDenmark -2.552499 0.291791 -8.7477 < 2.2e-16 ***
## idFinland -2.332168 0.291503 -8.0005 1.310e-14 ***
## idFrance -0.999141 0.274732 -3.6368 0.0003116 ***
## idGermany 0.913445 0.330827 2.7611 0.0060221 **
## idGreece -1.317503 0.141617 -9.3033 < 2.2e-16 ***
## idIreland -3.074787 0.338131 -9.0935 < 2.2e-16 ***
## idItaly 0.089522 0.255691 0.3501 0.7264318
## idJapan 1.230860 0.442963 2.7787 0.0057111 **
## idLuxembourg -7.932082 0.837598 -9.4700 < 2.2e-16 ***
## idNetherlands -1.175000 0.062543 -18.7871 < 2.2e-16 ***
## idNewZealand -3.567944 0.331975 -10.7476 < 2.2e-16 ***
## idPortugal -2.041883 0.148947 -13.7088 < 2.2e-16 ***
## idSpain -0.244834 0.205650 -1.1905 0.2345319
## idSweden -3.170723 0.179052 -17.7084 < 2.2e-16 ***
## idSwitzerland -4.692648 0.245239 -19.1350 < 2.2e-16 ***
## idUnitedKingdom 0.172015 0.263340 0.6532 0.5139938
## idUnitedStates 2.398837 0.685753 3.4981 0.0005204 ***
## time2000 62.109941 14.218723 4.3682 1.593e-05 ***
## time2001 62.141480 14.218363 4.3705 1.576e-05 ***
## time2002 62.163057 14.217363 4.3723 1.564e-05 ***
## time2003 62.200369 14.217072 4.3750 1.545e-05 ***
## time2004 62.189919 14.216496 4.3745 1.549e-05 ***
## time2005 62.183331 14.215882 4.3742 1.551e-05 ***
## time2006 62.186604 14.215250 4.3746 1.548e-05 ***
## time2007 62.155464 14.214752 4.3726 1.562e-05 ***
## time2008 62.136785 14.209274 4.3730 1.560e-05 ***
## time2009 62.102069 14.210478 4.3702 1.579e-05 ***
## time2010 62.122538 14.209644 4.3719 1.567e-05 ***
## time2011 62.041403 14.208933 4.3664 1.605e-05 ***
## time2012 62.038114 14.208623 4.3662 1.606e-05 ***
## time2013 61.969965 14.208330 4.3615 1.640e-05 ***
## time2014 61.872054 14.207887 4.3548 1.689e-05 ***
## time2015 61.903588 14.206511 4.3574 1.669e-05 ***
## time2016 61.848624 14.206395 4.3536 1.697e-05 ***
## time2017 61.840900 14.205615 4.3533 1.700e-05 ***
## time2018 61.774892 14.204955 4.3488 1.733e-05 ***
## time2019 61.678137 14.204487 4.3422 1.784e-05 ***
## time2020 61.597581 14.206654 4.3358 1.834e-05 ***
## time2021 61.618836 14.205014 4.3378 1.818e-05 ***
## iis267 -0.551077 0.146989 -3.7491 0.0002032 ***
## fesisSwitzerland.2016 0.339090 0.051538 6.5794 1.460e-10 ***
## fesisDenmark.2015 -0.587173 0.048310 -12.1542 < 2.2e-16 ***
## fesisUnitedKingdom.2016 -0.495753 0.051738 -9.5821 < 2.2e-16 ***
## fesisLuxembourg.2002 1.116830 0.109910 10.1613 < 2.2e-16 ***
## fesisLuxembourg.2015 -0.934007 0.062170 -15.0234 < 2.2e-16 ***
## fesisNetherlands.2014 0.257084 0.046597 5.5172 6.147e-08 ***
## fesisSweden.2016 0.223038 0.051077 4.3667 1.603e-05 ***
## fesisJapan.2011 0.440663 0.050768 8.6799 < 2.2e-16 ***
## fesisAustralia.2015 0.228505 0.053319 4.2856 2.279e-05 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## Diagnostics and fit:
##
## Chi-sq df p-value
## Ljung-Box AR(1) 73.176 1 < 2.2e-16 ***
## Ljung-Box ARCH(1) 27.465 1 1.599e-07 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## SE of regression 0.10141
## R-squared 0.99726
## Log-lik.(n=462) 429.76981
## [1] "Formula: l_edgar_v7 ~ lgdp_wb + lpop + lgdp_wb_sq + EU_ETS_13"
## [1] "EU15+selected (2000:2021); p.value: 0.001; AR: 0"
##
## Date: Mon Oct 31 16:55:22 2022
## Dependent var.: y
## Method: Ordinary Least Squares (OLS)
## Variance-Covariance: Ordinary
## No. of observations (mean eq.): 462
## Sample: 1 to 462
##
## SPECIFIC mean equation:
##
## coef std.error t-stat p-value
## lgdp_wb -2.527861 1.163342 -2.1729 0.0303618 *
## lpop -1.414154 0.257443 -5.4931 6.973e-08 ***
## lgdp_wb_sq 0.056653 0.021846 2.5933 0.0098492 **
## EU_ETS_13 -0.188698 0.028332 -6.6602 8.886e-11 ***
## idAustria -3.268881 0.193472 -16.8959 < 2.2e-16 ***
## idBelgium -2.619835 0.141383 -18.5300 < 2.2e-16 ***
## idCanada -0.089004 0.105626 -0.8426 0.3999290
## idDenmark -3.429135 0.281052 -12.2011 < 2.2e-16 ***
## idFinland -3.207418 0.280136 -11.4495 < 2.2e-16 ***
## idFrance -0.310428 0.250191 -1.2408 0.2154085
## idGermany 1.754265 0.302253 5.8040 1.304e-08 ***
## idGreece -1.694026 0.145465 -11.6456 < 2.2e-16 ***
## idIreland -4.079696 0.323931 -12.5943 < 2.2e-16 ***
## idItaly 0.722655 0.233389 3.0964 0.0020947 **
## idJapan 2.533414 0.399669 6.3388 6.155e-10 ***
## idLuxembourg -10.305261 0.798860 -12.9000 < 2.2e-16 ***
## idNetherlands -1.367962 0.066902 -20.4474 < 2.2e-16 ***
## idNewZealand -4.595261 0.316324 -14.5271 < 2.2e-16 ***
## idPortugal -2.443416 0.152211 -16.0529 < 2.2e-16 ***
## idSpain 0.228883 0.190060 1.2043 0.2291867
## idSweden -3.723417 0.175586 -21.2057 < 2.2e-16 ***
## idSwitzerland -5.407951 0.235518 -22.9619 < 2.2e-16 ***
## idUnitedKingdom 0.824245 0.238554 3.4552 0.0006077 ***
## idUnitedStates 4.080908 0.641689 6.3596 5.441e-10 ***
## time2000 62.618623 15.177212 4.1258 4.481e-05 ***
## time2001 62.652655 15.176853 4.1282 4.438e-05 ***
## time2002 62.676600 15.175768 4.1300 4.403e-05 ***
## time2003 62.717503 15.175498 4.1328 4.353e-05 ***
## time2004 62.709451 15.174906 4.1324 4.359e-05 ***
## time2005 62.706069 15.174284 4.1324 4.360e-05 ***
## time2006 62.711992 15.173636 4.1330 4.350e-05 ***
## time2007 62.683472 15.173129 4.1312 4.382e-05 ***
## time2008 62.643997 15.172992 4.1287 4.429e-05 ***
## time2009 62.617011 15.174379 4.1265 4.469e-05 ***
## time2010 62.640523 15.173520 4.1283 4.436e-05 ***
## time2011 62.583421 15.172873 4.1247 4.503e-05 ***
## time2012 62.584286 15.172592 4.1248 4.500e-05 ***
## time2013 62.654477 15.166382 4.1311 4.383e-05 ***
## time2014 62.558898 15.165979 4.1249 4.498e-05 ***
## time2015 62.598111 15.164178 4.1280 4.441e-05 ***
## time2016 62.559205 15.164220 4.1254 4.489e-05 ***
## time2017 62.542530 15.163279 4.1246 4.504e-05 ***
## time2018 62.464312 15.162410 4.1197 4.598e-05 ***
## time2019 62.370270 15.161939 4.1136 4.716e-05 ***
## time2020 62.296617 15.164346 4.1081 4.825e-05 ***
## time2021 62.316108 15.162563 4.1099 4.790e-05 ***
## iis267 -0.552519 0.157437 -3.5095 0.0004992 ***
## fesisAustria.2017 0.250845 0.057611 4.3541 1.692e-05 ***
## fesisSwitzerland.2018 0.313255 0.063146 4.9608 1.033e-06 ***
## fesisDenmark.2015 -0.573795 0.052027 -11.0288 < 2.2e-16 ***
## fesisUnitedKingdom.2016 -0.459714 0.055809 -8.2373 2.432e-15 ***
## fesisLuxembourg.2002 1.135481 0.117690 9.6480 < 2.2e-16 ***
## fesisLuxembourg.2015 -0.829045 0.065570 -12.6436 < 2.2e-16 ***
## fesisNetherlands.2014 0.271320 0.050301 5.3939 1.172e-07 ***
## fesisSweden.2016 0.262616 0.055045 4.7709 2.560e-06 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## Diagnostics and fit:
##
## Chi-sq df p-value
## Ljung-Box AR(1) 91.247 1 < 2.2e-16 ***
## Ljung-Box ARCH(1) 35.420 1 2.657e-09 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## SE of regression 0.10862
## R-squared 0.99685
## Log-lik.(n=462) 397.54490ETS (pairs)
## [1] "Formula: l_edgar_v7 ~ lgdp_wb + lpop + lgdp_wb_sq + EU_ETS_05 + EU_ETS_08"
## [1] "EU15+selected (2000:2021); p.value: 0.001; AR: 0"
##
## Date: Mon Oct 31 17:26:56 2022
## Dependent var.: y
## Method: Ordinary Least Squares (OLS)
## Variance-Covariance: Ordinary
## No. of observations (mean eq.): 462
## Sample: 1 to 462
##
## SPECIFIC mean equation:
##
## coef std.error t-stat p-value
## lgdp_wb -3.191928 1.117610 -2.8560 0.0045106 **
## lpop -0.733100 0.269717 -2.7180 0.0068490 **
## lgdp_wb_sq 0.067492 0.020924 3.2256 0.0013593 **
## EU_ETS_05 -0.019812 0.036276 -0.5461 0.5852680
## EU_ETS_08 -0.025627 0.034229 -0.7487 0.4544746
## idAustria -2.612486 0.197838 -13.2052 < 2.2e-16 ***
## idBelgium -2.180494 0.142631 -15.2877 < 2.2e-16 ***
## idCanada -0.298018 0.118318 -2.5188 0.0121605 *
## idDenmark -2.561315 0.292489 -8.7570 < 2.2e-16 ***
## idFinland -2.340892 0.292192 -8.0115 1.219e-14 ***
## idFrance -0.974825 0.278551 -3.4996 0.0005176 ***
## idGermany 0.942161 0.335262 2.8102 0.0051909 **
## idGreece -1.316825 0.141745 -9.2901 < 2.2e-16 ***
## idIreland -3.085873 0.339032 -9.1020 < 2.2e-16 ***
## idItaly 0.111850 0.259157 0.4316 0.6662682
## idJapan 1.259317 0.446397 2.8211 0.0050219 **
## idLuxembourg -7.964735 0.840452 -9.4767 < 2.2e-16 ***
## idNetherlands -1.170690 0.063092 -18.5551 < 2.2e-16 ***
## idNewZealand -3.585907 0.333887 -10.7399 < 2.2e-16 ***
## idPortugal -2.041585 0.149077 -13.6949 < 2.2e-16 ***
## idSpain -0.227152 0.208359 -1.0902 0.2762762
## idSweden -3.173628 0.179286 -17.7015 < 2.2e-16 ***
## idSwitzerland -4.706209 0.246704 -19.0763 < 2.2e-16 ***
## idUnitedKingdom 0.196357 0.267310 0.7346 0.4630279
## idUnitedStates 2.448912 0.692444 3.5366 0.0004522 ***
## time2000 61.185348 14.331371 4.2693 2.445e-05 ***
## time2001 61.216949 14.331000 4.2716 2.421e-05 ***
## time2002 61.238499 14.330012 4.2734 2.402e-05 ***
## time2003 61.275891 14.329706 4.2761 2.374e-05 ***
## time2004 61.265511 14.329118 4.2756 2.380e-05 ***
## time2005 61.273165 14.325450 4.2772 2.363e-05 ***
## time2006 61.276516 14.324806 4.2777 2.359e-05 ***
## time2007 61.245445 14.324296 4.2756 2.380e-05 ***
## time2008 61.218795 14.320556 4.2749 2.387e-05 ***
## time2009 61.184162 14.321735 4.2721 2.416e-05 ***
## time2010 61.204734 14.320884 4.2738 2.398e-05 ***
## time2011 61.123749 14.320145 4.2684 2.455e-05 ***
## time2012 61.120559 14.319815 4.2683 2.456e-05 ***
## time2013 61.052494 14.319507 4.2636 2.506e-05 ***
## time2014 60.954663 14.319049 4.2569 2.579e-05 ***
## time2015 60.986214 14.317678 4.2595 2.550e-05 ***
## time2016 60.931261 14.317559 4.2557 2.592e-05 ***
## time2017 60.923634 14.316764 4.2554 2.595e-05 ***
## time2018 60.857710 14.316090 4.2510 2.644e-05 ***
## time2019 60.761029 14.315608 4.2444 2.720e-05 ***
## time2020 60.680482 14.317760 4.2381 2.794e-05 ***
## time2021 60.701790 14.316119 4.2401 2.770e-05 ***
## iis267 -0.550911 0.147117 -3.7447 0.0002068 ***
## fesisSwitzerland.2016 0.339313 0.051585 6.5778 1.477e-10 ***
## fesisDenmark.2015 -0.587482 0.048355 -12.1493 < 2.2e-16 ***
## fesisUnitedKingdom.2016 -0.494741 0.051816 -9.5481 < 2.2e-16 ***
## fesisLuxembourg.2002 1.118660 0.110056 10.1645 < 2.2e-16 ***
## fesisLuxembourg.2015 -0.934060 0.062224 -15.0113 < 2.2e-16 ***
## fesisNetherlands.2014 0.257066 0.046637 5.5121 6.325e-08 ***
## fesisSweden.2016 0.223428 0.051126 4.3701 1.580e-05 ***
## fesisJapan.2011 0.439500 0.050857 8.6419 < 2.2e-16 ***
## fesisAustralia.2015 0.229974 0.053433 4.3040 2.106e-05 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## Diagnostics and fit:
##
## Chi-sq df p-value
## Ljung-Box AR(1) 73.176 1 < 2.2e-16 ***
## Ljung-Box ARCH(1) 27.249 1 1.789e-07 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## SE of regression 0.10150
## R-squared 0.99726
## Log-lik.(n=462) 429.87021
## [1] "Formula: l_edgar_v7 ~ lgdp_wb + lpop + lgdp_wb_sq + EU_ETS_05 + EU_ETS_13"
## [1] "EU15+selected (2000:2021); p.value: 0.001; AR: 0"
##
## Date: Mon Oct 31 18:27:35 2022
## Dependent var.: y
## Method: Ordinary Least Squares (OLS)
## Variance-Covariance: Ordinary
## No. of observations (mean eq.): 462
## Sample: 1 to 462
##
## SPECIFIC mean equation:
##
## coef std.error t-stat p-value
## lgdp_wb -1.029062 1.180359 -0.8718 0.3838225
## lpop -1.824079 0.264407 -6.8988 2.029e-11 ***
## lgdp_wb_sq 0.029350 0.022131 1.3262 0.1855160
## EU_ETS_05 -0.071370 0.030145 -2.3676 0.0183739 *
## EU_ETS_13 -0.161486 0.028884 -5.5908 4.161e-08 ***
## idAustria -3.539505 0.196630 -18.0009 < 2.2e-16 ***
## idBelgium -2.789557 0.142276 -19.6067 < 2.2e-16 ***
## idCanada 0.161917 0.115169 1.4059 0.1605189
## idDenmark -3.857748 0.287636 -13.4119 < 2.2e-16 ***
## idFinland -3.635175 0.286705 -12.6791 < 2.2e-16 ***
## idFrance 0.267398 0.270812 0.9874 0.3240391
## idGermany 2.448872 0.326871 7.4919 4.302e-13 ***
## idGreece -1.826278 0.144377 -12.6494 < 2.2e-16 ***
## idIreland -4.582857 0.332050 -13.8017 < 2.2e-16 ***
## idItaly 1.250989 0.251639 4.9714 9.835e-07 ***
## idJapan 3.388185 0.426452 7.9451 1.941e-14 ***
## idLuxembourg -11.551121 0.819063 -14.1029 < 2.2e-16 ***
## idNetherlands -1.377309 0.065843 -20.9182 < 2.2e-16 ***
## idNewZealand -5.118048 0.325990 -15.7000 < 2.2e-16 ***
## idPortugal -2.589737 0.151379 -17.1077 < 2.2e-16 ***
## idSpain 0.632771 0.202635 3.1227 0.0019206 **
## idSweden -3.959022 0.177957 -22.2471 < 2.2e-16 ***
## idSwitzerland -5.770331 0.240982 -23.9450 < 2.2e-16 ***
## idUnitedKingdom 1.391116 0.259766 5.3553 1.435e-07 ***
## idUnitedStates 5.471975 0.686406 7.9719 1.609e-14 ***
## time2000 48.866590 15.149629 3.2256 0.0013591 **
## time2001 48.902538 15.149208 3.2281 0.0013478 **
## time2002 48.928150 15.148128 3.2300 0.0013390 **
## time2003 48.971540 15.147772 3.2329 0.0013256 **
## time2004 48.965600 15.147114 3.2327 0.0013268 **
## time2005 49.015799 15.142290 3.2370 0.0013072 **
## time2006 49.024044 15.141570 3.2377 0.0013041 **
## time2007 48.997694 15.140992 3.2361 0.0013114 **
## time2008 48.961747 15.140733 3.2338 0.0013218 **
## time2009 48.938032 15.141970 3.2319 0.0013300 **
## time2010 48.964259 15.141036 3.2339 0.0013213 **
## time2011 48.909640 15.140319 3.2304 0.0013370 **
## time2012 48.913280 15.139949 3.2307 0.0013355 **
## time2013 48.966464 15.135223 3.2353 0.0013151 **
## time2014 48.872949 15.134752 3.2292 0.0013426 **
## time2015 48.912178 15.132995 3.2322 0.0013291 **
## time2016 48.860858 15.133354 3.2287 0.0013449 **
## time2017 48.846268 15.132359 3.2279 0.0013484 **
## time2018 48.768887 15.131469 3.2230 0.0013712 **
## time2019 48.676993 15.130931 3.2171 0.0013992 **
## time2020 48.605133 15.133209 3.2118 0.0014243 **
## time2021 48.625387 15.131441 3.2135 0.0014160 **
## iis267 -0.550505 0.153333 -3.5903 0.0003709 ***
## fesisAustria.2017 0.262699 0.056173 4.6766 3.981e-06 ***
## fesisSwitzerland.2018 0.345041 0.061929 5.5716 4.611e-08 ***
## fesisDenmark.2015 -0.570254 0.050685 -11.2511 < 2.2e-16 ***
## fesisUnitedKingdom.2016 -0.426595 0.054772 -7.7885 5.743e-14 ***
## fesisLuxembourg.2002 1.144806 0.114682 9.9825 < 2.2e-16 ***
## fesisLuxembourg.2015 -0.789162 0.064539 -12.2277 < 2.2e-16 ***
## fesisNetherlands.2014 0.277071 0.049004 5.6541 2.962e-08 ***
## fesisSweden.2016 0.287920 0.053863 5.3454 1.510e-07 ***
## fesisAustralia.2016 0.257242 0.057702 4.4581 1.072e-05 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## Diagnostics and fit:
##
## Chi-sq df p-value
## Ljung-Box AR(1) 86.330 1 < 2.2e-16 ***
## Ljung-Box ARCH(1) 28.609 1 8.856e-08 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## SE of regression 0.10579
## R-squared 0.99703
## Log-lik.(n=462) 410.75282
## [1] "Formula: l_edgar_v7 ~ lgdp_wb + lpop + lgdp_wb_sq + EU_ETS_08 + EU_ETS_13"
## [1] "EU15+selected (2000:2021); p.value: 0.001; AR: 0"
##
## Date: Mon Oct 31 18:49:40 2022
## Dependent var.: y
## Method: Ordinary Least Squares (OLS)
## Variance-Covariance: Ordinary
## No. of observations (mean eq.): 462
## Sample: 1 to 462
##
## SPECIFIC mean equation:
##
## coef std.error t-stat p-value
## lgdp_wb -1.093089 1.169985 -0.9343 0.3507181
## lpop -1.811840 0.263286 -6.8817 2.259e-11 ***
## lgdp_wb_sq 0.030392 0.021948 1.3847 0.1668987
## EU_ETS_08 -0.076589 0.029861 -2.5648 0.0106821 *
## EU_ETS_13 -0.141580 0.031658 -4.4722 1.007e-05 ***
## idAustria -3.550982 0.196699 -18.0529 < 2.2e-16 ***
## idBelgium -2.802750 0.142448 -19.6755 < 2.2e-16 ***
## idCanada 0.157630 0.114617 1.3753 0.1698069
## idDenmark -3.866101 0.287399 -13.4520 < 2.2e-16 ***
## idFinland -3.645199 0.286540 -12.7214 < 2.2e-16 ***
## idFrance 0.243294 0.267365 0.9100 0.3633790
## idGermany 2.423217 0.322971 7.5029 3.996e-13 ***
## idGreece -1.845607 0.144713 -12.7535 < 2.2e-16 ***
## idIreland -4.590401 0.331676 -13.8400 < 2.2e-16 ***
## idItaly 1.226985 0.248455 4.9385 1.154e-06 ***
## idJapan 3.372841 0.423834 7.9579 1.774e-14 ***
## idLuxembourg -11.545272 0.817080 -14.1299 < 2.2e-16 ***
## idNetherlands -1.391580 0.065378 -21.2851 < 2.2e-16 ***
## idNewZealand -5.114774 0.324744 -15.7502 < 2.2e-16 ***
## idPortugal -2.609121 0.151730 -17.1958 < 2.2e-16 ***
## idSpain 0.609327 0.200049 3.0459 0.0024717 **
## idSweden -3.970094 0.178027 -22.3005 < 2.2e-16 ***
## idSwitzerland -5.761892 0.239803 -24.0276 < 2.2e-16 ***
## idUnitedKingdom 1.368274 0.256225 5.3401 1.552e-07 ***
## idUnitedStates 5.448528 0.681382 7.9963 1.356e-14 ***
## time2000 49.644363 15.039863 3.3009 0.0010493 **
## time2001 49.680403 15.039446 3.3033 0.0010403 **
## time2002 49.706279 15.038347 3.3053 0.0010333 **
## time2003 49.749719 15.038000 3.3083 0.0010227 **
## time2004 49.743940 15.037344 3.3080 0.0010235 **
## time2005 49.743252 15.036650 3.3081 0.0010231 **
## time2006 49.751662 15.035932 3.3089 0.0010206 **
## time2007 49.725477 15.035356 3.3072 0.0010263 **
## time2008 49.744145 15.031752 3.3093 0.0010191 **
## time2009 49.720077 15.033017 3.3074 0.0010258 **
## time2010 49.746368 15.032092 3.3093 0.0010188 **
## time2011 49.691742 15.031387 3.3059 0.0010312 **
## time2012 49.695286 15.031033 3.3062 0.0010301 **
## time2013 49.734228 15.026892 3.3097 0.0010177 **
## time2014 49.640780 15.026428 3.3036 0.0010395 **
## time2015 49.680101 15.024672 3.3066 0.0010287 **
## time2016 49.628895 15.025021 3.3031 0.0010413 **
## time2017 49.614413 15.024031 3.3023 0.0010440 **
## time2018 49.537129 15.023146 3.2974 0.0010620 **
## time2019 49.445302 15.022615 3.2914 0.0010843 **
## time2020 49.373071 15.024914 3.2861 0.0011044 **
## time2021 49.393663 15.023136 3.2878 0.0010977 **
## iis267 -0.550664 0.153151 -3.5956 0.0003636 ***
## fesisAustria.2017 0.262620 0.056107 4.6807 3.905e-06 ***
## fesisSwitzerland.2018 0.344945 0.061855 5.5767 4.488e-08 ***
## fesisDenmark.2015 -0.570007 0.050623 -11.2597 < 2.2e-16 ***
## fesisUnitedKingdom.2016 -0.427243 0.054676 -7.8141 4.814e-14 ***
## fesisLuxembourg.2002 1.140853 0.114501 9.9637 < 2.2e-16 ***
## fesisLuxembourg.2015 -0.788383 0.064463 -12.2301 < 2.2e-16 ***
## fesisNetherlands.2014 0.277074 0.048945 5.6609 2.856e-08 ***
## fesisSweden.2016 0.288100 0.053797 5.3553 1.435e-07 ***
## fesisAustralia.2016 0.256730 0.057599 4.4572 1.076e-05 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## Diagnostics and fit:
##
## Chi-sq df p-value
## Ljung-Box AR(1) 86.628 1 < 2.2e-16 ***
## Ljung-Box ARCH(1) 30.965 1 2.627e-08 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## SE of regression 0.10566
## R-squared 0.99704
## Log-lik.(n=462) 411.29951w/ Temp Controls
1990-2021
no ETS
## [1] "Formula: l_edgar_v7 ~ lgdp_wb + lpop + lgdp_wb_sq + hdd + cdd"
## [1] "EU15+selected (1990:2021); p.value: 0.01; AR: 0"
##
## Date: Mon Nov 7 19:45:41 2022
## Dependent var.: y
## Method: Ordinary Least Squares (OLS)
## Variance-Covariance: Ordinary
## No. of observations (mean eq.): 672
## Sample: 1 to 672
##
## SPECIFIC mean equation:
##
## coef std.error t-stat p-value
## lgdp_wb -2.2870e+00 6.6818e-01 -3.4228 0.0006625 ***
## lpop 2.3117e-04 2.0411e-01 0.0011 0.9990967
## lgdp_wb_sq 4.7025e-02 1.3105e-02 3.5883 0.0003603 ***
## hdd 1.8426e-04 3.0030e-05 6.1358 1.549e-09 ***
## cdd 2.6842e-04 8.5767e-05 3.1297 0.0018359 **
## idAustria -2.4394e+00 1.5920e-01 -15.3230 < 2.2e-16 ***
## idBelgium -1.7395e+00 1.1673e-01 -14.9020 < 2.2e-16 ***
## idCanada -9.5669e-01 1.3323e-01 -7.1805 2.085e-12 ***
## idDenmark -1.6708e+00 2.1788e-01 -7.6685 7.148e-14 ***
## idFinland -2.1190e+00 2.3815e-01 -8.8980 < 2.2e-16 ***
## idFrance -1.6855e+00 1.9902e-01 -8.4694 < 2.2e-16 ***
## idGermany 7.1934e-02 2.3770e-01 0.3026 0.7622800
## idGreece -1.2426e+00 9.1670e-02 -13.5553 < 2.2e-16 ***
## idIreland -2.2897e+00 2.4771e-01 -9.2435 < 2.2e-16 ***
## idItaly -5.9495e-01 1.8404e-01 -3.2327 0.0012944 **
## idJapan 1.8228e-01 3.0029e-01 0.6070 0.5440814
## idLuxembourg -4.3211e+00 6.4190e-01 -6.7318 3.956e-11 ***
## idNetherlands -1.1710e+00 7.9494e-02 -14.7311 < 2.2e-16 ***
## idNewZealand -3.1859e+00 2.4701e-01 -12.8975 < 2.2e-16 ***
## idPortugal -1.7619e+00 9.5671e-02 -18.4166 < 2.2e-16 ***
## idSpain -8.0445e-01 1.5599e-01 -5.1571 3.422e-07 ***
## idSweden -2.9750e+00 1.5749e-01 -18.8908 < 2.2e-16 ***
## idSwitzerland -4.3333e+00 1.9814e-01 -21.8698 < 2.2e-16 ***
## idUnitedKingdom -2.6764e-01 1.9573e-01 -1.3674 0.1720173
## idUnitedStates 1.2647e+00 4.1195e-01 3.0700 0.0022385 **
## time1990 3.8995e+01 9.5198e+00 4.0962 4.782e-05 ***
## time1991 3.9010e+01 9.5198e+00 4.0978 4.752e-05 ***
## time1992 3.9033e+01 9.5197e+00 4.1002 4.703e-05 ***
## time1993 3.8976e+01 9.5199e+00 4.0942 4.824e-05 ***
## time1994 3.8992e+01 9.5200e+00 4.0958 4.791e-05 ***
## time1995 3.9022e+01 9.5186e+00 4.0996 4.715e-05 ***
## time1996 3.9000e+01 9.5172e+00 4.0979 4.749e-05 ***
## time1997 3.9041e+01 9.5158e+00 4.1027 4.653e-05 ***
## time1998 3.9071e+01 9.5149e+00 4.1063 4.583e-05 ***
## time1999 3.9075e+01 9.5137e+00 4.1073 4.566e-05 ***
## time2000 3.9089e+01 9.5126e+00 4.1092 4.528e-05 ***
## time2001 3.9101e+01 9.5120e+00 4.1106 4.501e-05 ***
## time2002 3.9158e+01 9.5130e+00 4.1163 4.396e-05 ***
## time2003 3.9148e+01 9.5132e+00 4.1151 4.417e-05 ***
## time2004 3.9182e+01 9.5117e+00 4.1194 4.339e-05 ***
## time2005 3.9174e+01 9.5113e+00 4.1187 4.351e-05 ***
## time2006 3.9185e+01 9.5108e+00 4.1200 4.326e-05 ***
## time2007 3.9188e+01 9.5098e+00 4.1208 4.312e-05 ***
## time2008 3.9111e+01 9.5103e+00 4.1124 4.467e-05 ***
## time2009 3.9044e+01 9.5131e+00 4.1043 4.623e-05 ***
## time2010 3.9006e+01 9.5120e+00 4.1007 4.694e-05 ***
## time2011 3.9029e+01 9.5123e+00 4.1030 4.648e-05 ***
## time2012 3.8962e+01 9.5128e+00 4.0957 4.793e-05 ***
## time2013 3.8906e+01 9.5120e+00 4.0901 4.906e-05 ***
## time2014 3.8873e+01 9.5121e+00 4.0867 4.978e-05 ***
## time2015 3.8839e+01 9.5118e+00 4.0832 5.051e-05 ***
## time2016 3.8797e+01 9.5107e+00 4.0793 5.133e-05 ***
## time2017 3.8817e+01 9.5099e+00 4.0818 5.080e-05 ***
## time2018 3.8746e+01 9.5097e+00 4.0744 5.239e-05 ***
## time2019 3.8657e+01 9.5092e+00 4.0652 5.445e-05 ***
## time2020 3.8607e+01 9.5130e+00 4.0583 5.604e-05 ***
## time2021 3.8603e+01 9.5099e+00 4.0593 5.581e-05 ***
## iis181 3.4867e-01 1.0988e-01 3.1733 0.0015851 **
## iis414 -9.5718e-01 1.1319e-01 -8.4563 < 2.2e-16 ***
## iis415 -2.0143e+00 1.1251e-01 -17.9027 < 2.2e-16 ***
## iis416 -1.8816e+00 1.1160e-01 -16.8601 < 2.2e-16 ***
## iis417 -1.5842e+00 1.1118e-01 -14.2483 < 2.2e-16 ***
## iis418 -1.0835e+00 1.1084e-01 -9.7756 < 2.2e-16 ***
## fesisUnitedStates.2002 -2.0338e-01 5.2746e-02 -3.8558 0.0001279 ***
## fesisBelgium.2001 -2.5911e-01 3.9760e-02 -6.5167 1.535e-10 ***
## fesisSwitzerland.2016 3.5241e-01 4.9362e-02 7.1394 2.749e-12 ***
## fesisDenmark.2004 -4.4410e-01 4.2001e-02 -10.5734 < 2.2e-16 ***
## fesisDenmark.2017 -5.5489e-01 5.5831e-02 -9.9388 < 2.2e-16 ***
## fesisUnitedKingdom.2000 -1.6709e-01 4.5259e-02 -3.6919 0.0002431 ***
## fesisUnitedKingdom.2015 -4.8850e-01 4.9094e-02 -9.9503 < 2.2e-16 ***
## fesisLuxembourg.1995 -7.8647e-01 8.8804e-02 -8.8562 < 2.2e-16 ***
## fesisLuxembourg.1997 3.7149e-01 8.7250e-02 4.2577 2.400e-05 ***
## fesisLuxembourg.2013 -4.0948e-01 7.1452e-02 -5.7308 1.590e-08 ***
## fesisLuxembourg.2016 -7.5993e-01 7.6362e-02 -9.9516 < 2.2e-16 ***
## fesisNetherlands.2014 2.6125e-01 4.3539e-02 6.0004 3.424e-09 ***
## fesisJapan.2012 4.6737e-01 4.2674e-02 10.9522 < 2.2e-16 ***
## fesisAustralia.2008 2.0933e-01 4.3247e-02 4.8402 1.656e-06 ***
## fesisNewZealand.1997 5.4154e-01 5.1236e-02 10.5695 < 2.2e-16 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## Diagnostics and fit:
##
## Chi-sq df p-value
## Ljung-Box AR(1) 142.204 1 < 2.2e-16 ***
## Ljung-Box ARCH(1) 46.061 1 1.146e-11 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## SE of regression 0.10291
## R-squared 0.99714
## Log-lik.(n=672) 613.52972
## [1] "Formula: l_edgar_v7 ~ lgdp_wb + lpop + lgdp_wb_sq + hdd + cdd"
## [1] "EU15+selected (1990:2021); p.value: 0.001; AR: 0"
##
## Date: Mon Nov 7 19:45:42 2022
## Dependent var.: y
## Method: Ordinary Least Squares (OLS)
## Variance-Covariance: Ordinary
## No. of observations (mean eq.): 672
## Sample: 1 to 672
##
## SPECIFIC mean equation:
##
## coef std.error t-stat p-value
## lgdp_wb -2.7003e+00 7.1409e-01 -3.7815 0.0001716 ***
## lpop -1.0494e-01 2.1809e-01 -0.4812 0.6305791
## lgdp_wb_sq 5.5715e-02 1.4001e-02 3.9792 7.764e-05 ***
## hdd 1.8977e-04 3.2076e-05 5.9162 5.552e-09 ***
## cdd 3.0041e-04 9.1521e-05 3.2824 0.0010893 **
## idAustria -2.4707e+00 1.7008e-01 -14.5270 < 2.2e-16 ***
## idBelgium -1.9170e+00 1.2292e-01 -15.5948 < 2.2e-16 ***
## idCanada -9.2891e-01 1.4257e-01 -6.5156 1.540e-10 ***
## idDenmark -1.7121e+00 2.3295e-01 -7.3498 6.563e-13 ***
## idFinland -2.1807e+00 2.5444e-01 -8.5705 < 2.2e-16 ***
## idFrance -1.6181e+00 2.1290e-01 -7.6003 1.150e-13 ***
## idGermany 1.3764e-01 2.5430e-01 0.5412 0.5885400
## idGreece -1.2377e+00 9.8080e-02 -12.6196 < 2.2e-16 ***
## idIreland -2.3605e+00 2.6458e-01 -8.9217 < 2.2e-16 ***
## idItaly -5.3183e-01 1.9680e-01 -2.7024 0.0070805 **
## idJapan 2.5736e-01 3.2105e-01 0.8016 0.4231028
## idLuxembourg -4.6202e+00 6.8578e-01 -6.7371 3.809e-11 ***
## idNetherlands -1.0970e+00 8.4512e-02 -12.9802 < 2.2e-16 ***
## idNewZealand -3.2618e+00 2.6390e-01 -12.3600 < 2.2e-16 ***
## idPortugal -1.7405e+00 1.0213e-01 -17.0422 < 2.2e-16 ***
## idSpain -7.3092e-01 1.6676e-01 -4.3831 1.382e-05 ***
## idSweden -3.0039e+00 1.6826e-01 -17.8530 < 2.2e-16 ***
## idSwitzerland -4.4020e+00 2.1170e-01 -20.7937 < 2.2e-16 ***
## idUnitedKingdom -2.1157e-01 2.0939e-01 -1.0104 0.3127032
## idUnitedStates 1.2967e+00 4.4043e-01 2.9441 0.0033654 **
## time1990 4.5542e+01 1.0169e+01 4.4786 9.005e-06 ***
## time1991 4.5555e+01 1.0169e+01 4.4799 8.951e-06 ***
## time1992 4.5580e+01 1.0169e+01 4.4824 8.851e-06 ***
## time1993 4.5524e+01 1.0169e+01 4.4768 9.080e-06 ***
## time1994 4.5537e+01 1.0169e+01 4.4780 9.029e-06 ***
## time1995 4.5567e+01 1.0168e+01 4.4816 8.882e-06 ***
## time1996 4.5561e+01 1.0166e+01 4.4817 8.877e-06 ***
## time1997 4.5582e+01 1.0165e+01 4.4844 8.770e-06 ***
## time1998 4.5611e+01 1.0164e+01 4.4877 8.641e-06 ***
## time1999 4.5614e+01 1.0162e+01 4.4885 8.609e-06 ***
## time2000 4.5627e+01 1.0161e+01 4.4903 8.540e-06 ***
## time2001 4.5623e+01 1.0161e+01 4.4901 8.545e-06 ***
## time2002 4.5681e+01 1.0162e+01 4.4955 8.341e-06 ***
## time2003 4.5668e+01 1.0162e+01 4.4940 8.396e-06 ***
## time2004 4.5704e+01 1.0160e+01 4.4983 8.234e-06 ***
## time2005 4.5695e+01 1.0160e+01 4.4976 8.261e-06 ***
## time2006 4.5704e+01 1.0159e+01 4.4987 8.218e-06 ***
## time2007 4.5709e+01 1.0158e+01 4.4996 8.184e-06 ***
## time2008 4.5632e+01 1.0159e+01 4.4918 8.480e-06 ***
## time2009 4.5568e+01 1.0162e+01 4.4842 8.779e-06 ***
## time2010 4.5526e+01 1.0161e+01 4.4806 8.924e-06 ***
## time2011 4.5552e+01 1.0161e+01 4.4830 8.826e-06 ***
## time2012 4.5484e+01 1.0162e+01 4.4761 9.108e-06 ***
## time2013 4.5428e+01 1.0161e+01 4.4710 9.321e-06 ***
## time2014 4.5410e+01 1.0161e+01 4.4692 9.397e-06 ***
## time2015 4.5374e+01 1.0160e+01 4.4657 9.544e-06 ***
## time2016 4.5331e+01 1.0159e+01 4.4621 9.701e-06 ***
## time2017 4.5351e+01 1.0158e+01 4.4644 9.600e-06 ***
## time2018 4.5278e+01 1.0158e+01 4.4574 9.912e-06 ***
## time2019 4.5189e+01 1.0157e+01 4.4488 1.030e-05 ***
## time2020 4.5144e+01 1.0162e+01 4.4426 1.060e-05 ***
## time2021 4.5137e+01 1.0158e+01 4.4434 1.056e-05 ***
## iis415 -2.0411e+00 1.2046e-01 -16.9437 < 2.2e-16 ***
## iis416 -1.9067e+00 1.1949e-01 -15.9571 < 2.2e-16 ***
## iis417 -1.6046e+00 1.1905e-01 -13.4776 < 2.2e-16 ***
## iis418 -1.0915e+00 1.1871e-01 -9.1944 < 2.2e-16 ***
## fesisUnitedStates.2002 -2.1833e-01 5.6450e-02 -3.8677 0.0001219 ***
## fesisSwitzerland.2016 3.5018e-01 5.2799e-02 6.6324 7.406e-11 ***
## fesisDenmark.2004 -4.5640e-01 4.4163e-02 -10.3344 < 2.2e-16 ***
## fesisDenmark.2017 -5.6425e-01 5.9752e-02 -9.4432 < 2.2e-16 ***
## fesisUnitedKingdom.2000 -1.6187e-01 4.8426e-02 -3.3426 0.0008818 ***
## fesisUnitedKingdom.2015 -5.0357e-01 5.2505e-02 -9.5908 < 2.2e-16 ***
## fesisLuxembourg.1995 -7.8953e-01 9.5063e-02 -8.3053 6.692e-16 ***
## fesisLuxembourg.1997 -5.7126e-01 1.3852e-01 -4.1240 4.251e-05 ***
## fesisLuxembourg.1998 9.8793e-01 1.2117e-01 8.1530 2.097e-15 ***
## fesisLuxembourg.2013 -4.0671e-01 7.6528e-02 -5.3146 1.512e-07 ***
## fesisLuxembourg.2016 -7.5459e-01 8.1786e-02 -9.2265 < 2.2e-16 ***
## fesisJapan.2012 4.5652e-01 4.5581e-02 10.0154 < 2.2e-16 ***
## fesisAustralia.2008 2.0470e-01 4.6308e-02 4.4204 1.170e-05 ***
## fesisNewZealand.1997 5.6764e-01 5.4772e-02 10.3635 < 2.2e-16 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## Diagnostics and fit:
##
## Chi-sq df p-value
## Ljung-Box AR(1) 174.199 1 < 2.2e-16 ***
## Ljung-Box ARCH(1) 60.016 1 9.437e-15 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## SE of regression 0.11023
## R-squared 0.99670
## Log-lik.(n=672) 565.88620ETS (all phases)
## [1] "Formula: l_edgar_v7 ~ lgdp_wb + lpop + lgdp_wb_sq + hdd + cdd + EU_ETS_05 + EU_ETS_08 + EU_ETS_13"
## [1] "EU15+selected (1990:2021); p.value: 0.01; AR: 0"
##
## Date: Mon Nov 7 21:03:20 2022
## Dependent var.: y
## Method: Ordinary Least Squares (OLS)
## Variance-Covariance: Ordinary
## No. of observations (mean eq.): 672
## Sample: 1 to 672
##
## SPECIFIC mean equation:
##
## coef std.error t-stat p-value
## lgdp_wb -8.5717e-01 7.0325e-01 -1.2189 0.2233819
## lpop -1.4409e+00 2.0895e-01 -6.8959 1.384e-11 ***
## lgdp_wb_sq 2.4905e-02 1.3678e-02 1.8208 0.0691469 .
## hdd 2.0211e-04 3.1059e-05 6.5073 1.637e-10 ***
## cdd 3.7259e-04 8.8750e-05 4.1982 3.106e-05 ***
## EU_ETS_05 -9.5890e-02 3.4444e-02 -2.7840 0.0055425 **
## EU_ETS_08 -7.0117e-02 3.7131e-02 -1.8884 0.0594664 .
## EU_ETS_13 -1.4599e-01 3.0544e-02 -4.7796 2.221e-06 ***
## idAustria -3.3392e+00 1.6054e-01 -20.7992 < 2.2e-16 ***
## idBelgium -2.4203e+00 1.1634e-01 -20.8043 < 2.2e-16 ***
## idCanada -2.7769e-01 1.4332e-01 -1.9376 0.0531536 .
## idDenmark -3.0789e+00 2.2075e-01 -13.9477 < 2.2e-16 ***
## idFinland -3.5019e+00 2.3832e-01 -14.6942 < 2.2e-16 ***
## idFrance -9.2818e-02 2.1336e-01 -0.4350 0.6637023
## idGermany 2.0753e+00 2.5908e-01 8.0102 6.154e-15 ***
## idGreece -1.6224e+00 9.2496e-02 -17.5399 < 2.2e-16 ***
## idIreland -3.9310e+00 2.5027e-01 -15.7068 < 2.2e-16 ***
## idItaly 9.7997e-01 2.0230e-01 4.8442 1.627e-06 ***
## idJapan 2.7525e+00 3.1996e-01 8.6027 < 2.2e-16 ***
## idLuxembourg -8.8071e+00 6.4522e-01 -13.6498 < 2.2e-16 ***
## idNetherlands -1.2106e+00 8.3062e-02 -14.5744 < 2.2e-16 ***
## idNewZealand -4.8744e+00 2.5120e-01 -19.4047 < 2.2e-16 ***
## idPortugal -2.1285e+00 9.7812e-02 -21.7608 < 2.2e-16 ***
## idSpain 3.1012e-01 1.6591e-01 1.8692 0.0620844 .
## idSweden -3.7573e+00 1.5946e-01 -23.5634 < 2.2e-16 ***
## idSwitzerland -5.5427e+00 2.0149e-01 -27.5090 < 2.2e-16 ***
## idUnitedKingdom 1.4267e+00 2.1346e-01 6.6836 5.416e-11 ***
## idUnitedStates 4.7188e+00 4.5664e-01 10.3337 < 2.2e-16 ***
## time1990 4.0369e+01 9.6582e+00 4.1798 3.361e-05 ***
## time1991 4.0388e+01 9.6579e+00 4.1819 3.331e-05 ***
## time1992 4.0425e+01 9.6578e+00 4.1857 3.276e-05 ***
## time1993 4.0375e+01 9.6578e+00 4.1806 3.350e-05 ***
## time1994 4.0386e+01 9.6579e+00 4.1817 3.334e-05 ***
## time1995 4.0430e+01 9.6572e+00 4.1865 3.265e-05 ***
## time1996 4.0413e+01 9.6558e+00 4.1853 3.283e-05 ***
## time1997 4.0450e+01 9.6544e+00 4.1898 3.221e-05 ***
## time1998 4.0466e+01 9.6538e+00 4.1917 3.194e-05 ***
## time1999 4.0458e+01 9.6529e+00 4.1913 3.200e-05 ***
## time2000 4.0466e+01 9.6513e+00 4.1927 3.180e-05 ***
## time2001 4.0463e+01 9.6507e+00 4.1927 3.180e-05 ***
## time2002 4.0517e+01 9.6501e+00 4.1986 3.100e-05 ***
## time2003 4.0503e+01 9.6500e+00 4.1972 3.120e-05 ***
## time2004 4.0545e+01 9.6486e+00 4.2022 3.053e-05 ***
## time2005 4.0610e+01 9.6497e+00 4.2085 2.972e-05 ***
## time2006 4.0623e+01 9.6490e+00 4.2100 2.952e-05 ***
## time2007 4.0637e+01 9.6481e+00 4.2119 2.929e-05 ***
## time2008 4.0630e+01 9.6472e+00 4.2116 2.933e-05 ***
## time2009 4.0579e+01 9.6497e+00 4.2052 3.015e-05 ***
## time2010 4.0537e+01 9.6484e+00 4.2015 3.063e-05 ***
## time2011 4.0576e+01 9.6488e+00 4.2053 3.013e-05 ***
## time2012 4.0534e+01 9.6488e+00 4.2009 3.070e-05 ***
## time2013 4.0570e+01 9.6461e+00 4.2059 3.006e-05 ***
## time2014 4.0547e+01 9.6463e+00 4.2034 3.038e-05 ***
## time2015 4.0509e+01 9.6450e+00 4.2000 3.083e-05 ***
## time2016 4.0470e+01 9.6444e+00 4.1962 3.132e-05 ***
## time2017 4.0493e+01 9.6436e+00 4.1989 3.097e-05 ***
## time2018 4.0405e+01 9.6430e+00 4.1901 3.216e-05 ***
## time2019 4.0322e+01 9.6424e+00 4.1817 3.334e-05 ***
## time2020 4.0294e+01 9.6462e+00 4.1772 3.398e-05 ***
## time2021 4.0282e+01 9.6431e+00 4.1773 3.397e-05 ***
## iis181 3.1266e-01 1.1185e-01 2.7955 0.0053511 **
## iis414 -1.0390e+00 1.1507e-01 -9.0291 < 2.2e-16 ***
## iis415 -2.0822e+00 1.1437e-01 -18.2061 < 2.2e-16 ***
## iis416 -1.9472e+00 1.1338e-01 -17.1740 < 2.2e-16 ***
## iis417 -1.6376e+00 1.1287e-01 -14.5091 < 2.2e-16 ***
## iis418 -1.1276e+00 1.1251e-01 -10.0218 < 2.2e-16 ***
## fesisUnitedStates.2005 -2.0938e-01 5.2811e-02 -3.9647 8.252e-05 ***
## fesisAustria.2016 2.5884e-01 4.9874e-02 5.1899 2.900e-07 ***
## fesisSwitzerland.2018 3.4587e-01 5.9999e-02 5.7645 1.322e-08 ***
## fesisDenmark.2004 -4.0234e-01 4.2974e-02 -9.3623 < 2.2e-16 ***
## fesisDenmark.2017 -5.1833e-01 5.7276e-02 -9.0498 < 2.2e-16 ***
## fesisSpain.1999 2.0399e-01 4.5102e-02 4.5228 7.381e-06 ***
## fesisFrance.2005 1.8193e-01 4.0686e-02 4.4715 9.320e-06 ***
## fesisUnitedKingdom.1995 -2.3562e-01 5.5767e-02 -4.2251 2.767e-05 ***
## fesisUnitedKingdom.2016 -4.2825e-01 5.2178e-02 -8.2075 1.429e-15 ***
## fesisLuxembourg.1995 -7.8027e-01 9.0342e-02 -8.6369 < 2.2e-16 ***
## fesisLuxembourg.1997 4.6501e-01 8.8710e-02 5.2419 2.218e-07 ***
## fesisLuxembourg.2015 -4.6853e-01 1.1381e-01 -4.1169 4.388e-05 ***
## fesisLuxembourg.2016 -4.2791e-01 1.1679e-01 -3.6639 0.0002708 ***
## fesisNetherlands.2014 3.2677e-01 4.4978e-02 7.2651 1.188e-12 ***
## fesisSweden.2016 2.4279e-01 5.0368e-02 4.8204 1.826e-06 ***
## fesisAustralia.1998 2.3888e-01 4.9282e-02 4.8473 1.603e-06 ***
## fesisNewZealand.1997 5.4981e-01 5.2765e-02 10.4200 < 2.2e-16 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## Diagnostics and fit:
##
## Chi-sq df p-value
## Ljung-Box AR(1) 151.195 1 < 2.2e-16 ***
## Ljung-Box ARCH(1) 47.188 1 6.451e-12 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## SE of regression 0.10474
## R-squared 0.99706
## Log-lik.(n=672) 604.16523
## [1] "Formula: l_edgar_v7 ~ lgdp_wb + lpop + lgdp_wb_sq + hdd + cdd + EU_ETS_05 + EU_ETS_08 + EU_ETS_13"
## [1] "EU15+selected (1990:2021); p.value: 0.001; AR: 0"
##
## Date: Mon Nov 7 21:03:21 2022
## Dependent var.: y
## Method: Ordinary Least Squares (OLS)
## Variance-Covariance: Ordinary
## No. of observations (mean eq.): 672
## Sample: 1 to 672
##
## SPECIFIC mean equation:
##
## coef std.error t-stat p-value
## lgdp_wb -1.4436e+00 7.1506e-01 -2.0188 0.0439513 *
## lpop -6.6126e-01 2.2600e-01 -2.9260 0.0035642 **
## lgdp_wb_sq 3.3034e-02 1.3981e-02 2.3629 0.0184538 *
## hdd 1.9000e-04 3.3971e-05 5.5929 3.403e-08 ***
## cdd 3.7802e-04 9.6380e-05 3.9222 9.793e-05 ***
## EU_ETS_05 -8.7820e-02 3.7736e-02 -2.3273 0.0202849 *
## EU_ETS_08 -6.4548e-02 4.1435e-02 -1.5578 0.1198100
## EU_ETS_13 -1.0931e-01 3.3165e-02 -3.2959 0.0010391 **
## idAustria -2.8961e+00 1.7581e-01 -16.4731 < 2.2e-16 ***
## idBelgium -2.2065e+00 1.2861e-01 -17.1563 < 2.2e-16 ***
## idCanada -7.3164e-01 1.4652e-01 -4.9933 7.801e-07 ***
## idDenmark -2.3571e+00 2.4120e-01 -9.7723 < 2.2e-16 ***
## idFinland -2.8175e+00 2.6107e-01 -10.7923 < 2.2e-16 ***
## idFrance -9.3757e-01 2.1750e-01 -4.3106 1.904e-05 ***
## idGermany 9.7963e-01 2.6056e-01 3.7597 0.0001868 ***
## idGreece -1.5427e+00 1.0114e-01 -15.2529 < 2.2e-16 ***
## idIreland -3.1109e+00 2.7258e-01 -11.4128 < 2.2e-16 ***
## idItaly 7.0026e-02 2.0156e-01 0.3474 0.7284025
## idJapan 1.3566e+00 3.1940e-01 4.2474 2.508e-05 ***
## idLuxembourg -6.4608e+00 7.0124e-01 -9.2135 < 2.2e-16 ***
## idNetherlands -1.2370e+00 9.0278e-02 -13.7021 < 2.2e-16 ***
## idNewZealand -4.0383e+00 2.7287e-01 -14.7992 < 2.2e-16 ***
## idPortugal -2.0237e+00 1.0753e-01 -18.8202 < 2.2e-16 ***
## idSpain -3.0027e-01 1.7170e-01 -1.7488 0.0808337 .
## idSweden -3.3686e+00 1.7460e-01 -19.2929 < 2.2e-16 ***
## idSwitzerland -4.9343e+00 2.2089e-01 -22.3378 < 2.2e-16 ***
## idUnitedKingdom 3.5408e-01 2.1114e-01 1.6770 0.0940641 .
## idUnitedStates 2.8353e+00 4.5090e-01 6.2880 6.215e-10 ***
## time1990 3.7422e+01 1.0136e+01 3.6922 0.0002427 ***
## time1991 3.7440e+01 1.0136e+01 3.6939 0.0002411 ***
## time1992 3.7472e+01 1.0136e+01 3.6971 0.0002382 ***
## time1993 3.7419e+01 1.0136e+01 3.6918 0.0002431 ***
## time1994 3.7428e+01 1.0136e+01 3.6927 0.0002423 ***
## time1995 3.7463e+01 1.0134e+01 3.6966 0.0002386 ***
## time1996 3.7463e+01 1.0133e+01 3.6971 0.0002381 ***
## time1997 3.7486e+01 1.0131e+01 3.7000 0.0002355 ***
## time1998 3.7515e+01 1.0130e+01 3.7032 0.0002326 ***
## time1999 3.7518e+01 1.0129e+01 3.7040 0.0002319 ***
## time2000 3.7527e+01 1.0127e+01 3.7056 0.0002305 ***
## time2001 3.7525e+01 1.0127e+01 3.7055 0.0002306 ***
## time2002 3.7575e+01 1.0126e+01 3.7107 0.0002260 ***
## time2003 3.7559e+01 1.0126e+01 3.7090 0.0002275 ***
## time2004 3.7603e+01 1.0125e+01 3.7140 0.0002232 ***
## time2005 3.7672e+01 1.0126e+01 3.7201 0.0002179 ***
## time2006 3.7682e+01 1.0126e+01 3.7214 0.0002169 ***
## time2007 3.7694e+01 1.0125e+01 3.7229 0.0002156 ***
## time2008 3.7678e+01 1.0124e+01 3.7216 0.0002166 ***
## time2009 3.7617e+01 1.0127e+01 3.7145 0.0002227 ***
## time2010 3.7577e+01 1.0126e+01 3.7109 0.0002258 ***
## time2011 3.7608e+01 1.0126e+01 3.7139 0.0002232 ***
## time2012 3.7563e+01 1.0126e+01 3.7094 0.0002271 ***
## time2013 3.7586e+01 1.0124e+01 3.7126 0.0002244 ***
## time2014 3.7559e+01 1.0124e+01 3.7099 0.0002267 ***
## time2015 3.7499e+01 1.0123e+01 3.7041 0.0002318 ***
## time2016 3.7503e+01 1.0123e+01 3.7048 0.0002312 ***
## time2017 3.7526e+01 1.0122e+01 3.7073 0.0002290 ***
## time2018 3.7452e+01 1.0122e+01 3.7001 0.0002354 ***
## time2019 3.7367e+01 1.0121e+01 3.6919 0.0002430 ***
## time2020 3.7326e+01 1.0125e+01 3.6864 0.0002482 ***
## time2021 3.7322e+01 1.0122e+01 3.6872 0.0002474 ***
## iis414 -1.0082e+00 1.2853e-01 -7.8441 2.020e-14 ***
## iis415 -2.0614e+00 1.2784e-01 -16.1247 < 2.2e-16 ***
## iis416 -1.9360e+00 1.2687e-01 -15.2594 < 2.2e-16 ***
## iis417 -1.6269e+00 1.2640e-01 -12.8713 < 2.2e-16 ***
## iis418 -1.1178e+00 1.2604e-01 -8.8684 < 2.2e-16 ***
## fesisUnitedStates.2005 -2.7730e-01 5.5820e-02 -4.9677 8.858e-07 ***
## fesisDenmark.2004 -4.4167e-01 4.7077e-02 -9.3818 < 2.2e-16 ***
## fesisDenmark.2017 -5.6823e-01 6.3606e-02 -8.9335 < 2.2e-16 ***
## fesisUnitedKingdom.2016 -5.5622e-01 5.6682e-02 -9.8130 < 2.2e-16 ***
## fesisLuxembourg.1995 -7.8816e-01 1.0080e-01 -7.8190 2.420e-14 ***
## fesisLuxembourg.1997 4.3344e-01 9.8759e-02 4.3889 1.348e-05 ***
## fesisLuxembourg.2013 -3.3416e-01 8.1601e-02 -4.0950 4.803e-05 ***
## fesisLuxembourg.2016 -7.5275e-01 8.6434e-02 -8.7089 < 2.2e-16 ***
## fesisNetherlands.2014 2.7673e-01 4.9741e-02 5.5634 3.997e-08 ***
## fesisNewZealand.1997 4.8163e-01 5.8258e-02 8.2672 8.918e-16 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## Diagnostics and fit:
##
## Chi-sq df p-value
## Ljung-Box AR(1) 205.006 1 < 2.2e-16 ***
## Ljung-Box ARCH(1) 79.072 1 < 2.2e-16 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## SE of regression 0.11693
## R-squared 0.99628
## Log-lik.(n=672) 526.219802000-2021
no ETS
## [1] "Formula: l_edgar_v7 ~ lgdp_wb + lpop + lgdp_wb_sq + hdd + cdd"
## [1] "EU15+selected (2000:2021); p.value: 0.01; AR: 0"
##
## Date: Mon Nov 7 19:46:20 2022
## Dependent var.: y
## Method: Ordinary Least Squares (OLS)
## Variance-Covariance: Ordinary
## No. of observations (mean eq.): 462
## Sample: 1 to 462
##
## SPECIFIC mean equation:
##
## coef std.error t-stat p-value
## lgdp_wb -4.1200e+00 9.9920e-01 -4.1233 4.538e-05 ***
## lpop -9.7703e-01 2.4160e-01 -4.0441 6.295e-05 ***
## lgdp_wb_sq 8.6600e-02 1.8678e-02 4.6364 4.797e-06 ***
## hdd 1.5983e-04 3.4487e-05 4.6346 4.838e-06 ***
## cdd 1.8918e-04 1.0137e-04 1.8662 0.0627410 .
## idAustria -3.1011e+00 2.0263e-01 -15.3041 < 2.2e-16 ***
## idBelgium -2.4303e+00 1.5062e-01 -16.1353 < 2.2e-16 ***
## idCanada -6.4790e-01 1.6030e-01 -4.0418 6.356e-05 ***
## idDenmark -2.9528e+00 2.7345e-01 -10.7985 < 2.2e-16 ***
## idFinland -3.0239e+00 2.9529e-01 -10.2405 < 2.2e-16 ***
## idFrance -9.7548e-01 2.4616e-01 -3.9627 8.764e-05 ***
## idGermany 8.5039e-01 2.9566e-01 2.8763 0.0042379 **
## idGreece -1.4650e+00 1.3095e-01 -11.1873 < 2.2e-16 ***
## idIreland -3.4810e+00 3.0925e-01 -11.2562 < 2.2e-16 ***
## idItaly 1.2805e-01 2.2143e-01 0.5783 0.5634063
## idJapan 1.3239e+00 3.8063e-01 3.4783 0.0005596 ***
## idLuxembourg -8.9404e+00 7.5103e-01 -11.9042 < 2.2e-16 ***
## idNetherlands -1.3632e+00 9.9745e-02 -13.6672 < 2.2e-16 ***
## idNewZealand -3.7426e+00 2.9050e-01 -12.8833 < 2.2e-16 ***
## idPortugal -2.0562e+00 1.3849e-01 -14.8474 < 2.2e-16 ***
## idSpain -1.5345e-01 1.8185e-01 -0.8438 0.3992727
## idSweden -3.6514e+00 1.9773e-01 -18.4661 < 2.2e-16 ***
## idSwitzerland -5.1885e+00 2.3890e-01 -21.7185 < 2.2e-16 ***
## idUnitedKingdom 1.5648e-01 2.4125e-01 0.6486 0.5169413
## idUnitedStates 2.3687e+00 5.8009e-01 4.0834 5.355e-05 ***
## time2000 7.6157e+01 1.3170e+01 5.7827 1.476e-08 ***
## time2001 7.6160e+01 1.3170e+01 5.7829 1.474e-08 ***
## time2002 7.6204e+01 1.3169e+01 5.7867 1.444e-08 ***
## time2003 7.6205e+01 1.3170e+01 5.7864 1.446e-08 ***
## time2004 7.6210e+01 1.3168e+01 5.7873 1.439e-08 ***
## time2005 7.6203e+01 1.3168e+01 5.7868 1.443e-08 ***
## time2006 7.6211e+01 1.3168e+01 5.7874 1.438e-08 ***
## time2007 7.6205e+01 1.3167e+01 5.7874 1.438e-08 ***
## time2008 7.6146e+01 1.3167e+01 5.7831 1.473e-08 ***
## time2009 7.6103e+01 1.3169e+01 5.7791 1.505e-08 ***
## time2010 7.6072e+01 1.3168e+01 5.7770 1.522e-08 ***
## time2011 7.6084e+01 1.3168e+01 5.7781 1.513e-08 ***
## time2012 7.6042e+01 1.3168e+01 5.7749 1.540e-08 ***
## time2013 7.5970e+01 1.3167e+01 5.7696 1.585e-08 ***
## time2014 7.5927e+01 1.3167e+01 5.7665 1.613e-08 ***
## time2015 7.5900e+01 1.3168e+01 5.7641 1.634e-08 ***
## time2016 7.5852e+01 1.3166e+01 5.7611 1.661e-08 ***
## time2017 7.5833e+01 1.3166e+01 5.7599 1.672e-08 ***
## time2018 7.5763e+01 1.3166e+01 5.7545 1.722e-08 ***
## time2019 7.5671e+01 1.3165e+01 5.7478 1.787e-08 ***
## time2020 7.5638e+01 1.3168e+01 5.7443 1.822e-08 ***
## time2021 7.5623e+01 1.3166e+01 5.7440 1.824e-08 ***
## iis267 -5.2876e-01 1.4033e-01 -3.7680 0.0001891 ***
## fesisAustria.2017 2.5469e-01 5.1174e-02 4.9771 9.584e-07 ***
## fesisSwitzerland.2016 3.9429e-01 4.9198e-02 8.0142 1.209e-14 ***
## fesisDenmark.2012 -2.6527e-01 6.4216e-02 -4.1309 4.397e-05 ***
## fesisDenmark.2015 -3.4104e-01 6.8882e-02 -4.9511 1.087e-06 ***
## fesisUnitedKingdom.2015 -4.6484e-01 4.7118e-02 -9.8653 < 2.2e-16 ***
## fesisLuxembourg.2002 1.0966e+00 1.0483e-01 10.4609 < 2.2e-16 ***
## fesisLuxembourg.2016 -8.8822e-01 6.0341e-02 -14.7200 < 2.2e-16 ***
## fesisNetherlands.2014 2.6849e-01 4.4473e-02 6.0372 3.562e-09 ***
## fesisSweden.2016 2.5724e-01 4.8707e-02 5.2813 2.103e-07 ***
## fesisJapan.2012 4.3262e-01 4.5035e-02 9.6062 < 2.2e-16 ***
## fesisAustralia.2015 2.3708e-01 5.1053e-02 4.6438 4.638e-06 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## Diagnostics and fit:
##
## Chi-sq df p-value
## Ljung-Box AR(1) 70.787 1 < 2.2e-16 ***
## Ljung-Box ARCH(1) 10.696 1 0.001074 **
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## SE of regression 0.09672
## R-squared 0.99753
## Log-lik.(n=462) 453.15789
## [1] "Formula: l_edgar_v7 ~ lgdp_wb + lpop + lgdp_wb_sq + hdd + cdd"
## [1] "EU15+selected (2000:2021); p.value: 0.001; AR: 0"
##
## Date: Mon Nov 7 19:46:21 2022
## Dependent var.: y
## Method: Ordinary Least Squares (OLS)
## Variance-Covariance: Ordinary
## No. of observations (mean eq.): 462
## Sample: 1 to 462
##
## SPECIFIC mean equation:
##
## coef std.error t-stat p-value
## lgdp_wb -4.6474e+00 1.0711e+00 -4.3389 1.808e-05 ***
## lpop -5.8163e-01 2.5091e-01 -2.3181 0.0209401 *
## lgdp_wb_sq 9.5609e-02 2.0052e-02 4.7680 2.596e-06 ***
## hdd 1.5021e-04 3.7784e-05 3.9754 8.312e-05 ***
## cdd 1.4454e-04 1.1184e-04 1.2924 0.1969629
## idAustria -2.7803e+00 2.1534e-01 -12.9110 < 2.2e-16 ***
## idBelgium -2.2707e+00 1.6196e-01 -14.0205 < 2.2e-16 ***
## idCanada -8.8047e-01 1.6372e-01 -5.3780 1.273e-07 ***
## idDenmark -2.5292e+00 2.8699e-01 -8.8129 < 2.2e-16 ***
## idFinland -2.5979e+00 3.1329e-01 -8.2923 1.639e-15 ***
## idFrance -1.4696e+00 2.4344e-01 -6.0367 3.544e-09 ***
## idGermany 2.7053e-01 2.9162e-01 0.9277 0.3541317
## idGreece -1.3149e+00 1.4028e-01 -9.3736 < 2.2e-16 ***
## idIreland -3.0028e+00 3.2261e-01 -9.3079 < 2.2e-16 ***
## idItaly -3.1905e-01 2.1861e-01 -1.4595 0.1452098
## idJapan 5.9297e-01 3.7596e-01 1.5772 0.1155192
## idLuxembourg -7.6611e+00 7.8017e-01 -9.8197 < 2.2e-16 ***
## idNetherlands -1.2536e+00 1.0925e-01 -11.4748 < 2.2e-16 ***
## idNewZealand -3.2910e+00 3.0109e-01 -10.9302 < 2.2e-16 ***
## idPortugal -1.9195e+00 1.4824e-01 -12.9486 < 2.2e-16 ***
## idSpain -5.0852e-01 1.8275e-01 -2.7827 0.0056427 **
## idSweden -3.3550e+00 2.1075e-01 -15.9191 < 2.2e-16 ***
## idSwitzerland -4.8567e+00 2.5428e-01 -19.0996 < 2.2e-16 ***
## idUnitedKingdom -3.0870e-01 2.3864e-01 -1.2936 0.1965403
## idUnitedStates 1.2786e+00 5.7025e-01 2.2421 0.0254907 *
## time2000 7.7278e+01 1.4346e+01 5.3868 1.216e-07 ***
## time2001 7.7282e+01 1.4346e+01 5.3870 1.215e-07 ***
## time2002 7.7323e+01 1.4345e+01 5.3903 1.194e-07 ***
## time2003 7.7327e+01 1.4346e+01 5.3901 1.195e-07 ***
## time2004 7.7327e+01 1.4345e+01 5.3907 1.192e-07 ***
## time2005 7.7318e+01 1.4345e+01 5.3901 1.195e-07 ***
## time2006 7.7325e+01 1.4345e+01 5.3905 1.193e-07 ***
## time2007 7.7314e+01 1.4343e+01 5.3902 1.195e-07 ***
## time2008 7.7253e+01 1.4343e+01 5.3860 1.221e-07 ***
## time2009 7.7207e+01 1.4345e+01 5.3821 1.246e-07 ***
## time2010 7.7178e+01 1.4345e+01 5.3802 1.258e-07 ***
## time2011 7.7184e+01 1.4344e+01 5.3809 1.254e-07 ***
## time2012 7.7142e+01 1.4344e+01 5.3779 1.273e-07 ***
## time2013 7.7068e+01 1.4344e+01 5.3728 1.307e-07 ***
## time2014 7.7032e+01 1.4343e+01 5.3705 1.323e-07 ***
## time2015 7.7023e+01 1.4344e+01 5.3696 1.329e-07 ***
## time2016 7.6994e+01 1.4343e+01 5.3682 1.339e-07 ***
## time2017 7.6984e+01 1.4342e+01 5.3677 1.342e-07 ***
## time2018 7.6915e+01 1.4343e+01 5.3627 1.378e-07 ***
## time2019 7.6821e+01 1.4342e+01 5.3564 1.423e-07 ***
## time2020 7.6781e+01 1.4344e+01 5.3527 1.450e-07 ***
## time2021 7.6768e+01 1.4342e+01 5.3526 1.451e-07 ***
## iis267 -5.3120e-01 1.5520e-01 -3.4227 0.0006829 ***
## fesisSwitzerland.2016 3.2131e-01 5.3628e-02 5.9914 4.582e-09 ***
## fesisDenmark.2012 -2.6352e-01 7.0973e-02 -3.7129 0.0002334 ***
## fesisDenmark.2015 -3.9135e-01 7.5954e-02 -5.1525 4.015e-07 ***
## fesisUnitedKingdom.2015 -5.2709e-01 5.1479e-02 -10.2390 < 2.2e-16 ***
## fesisLuxembourg.2002 1.0793e+00 1.1590e-01 9.3123 < 2.2e-16 ***
## fesisLuxembourg.2016 -9.8814e-01 6.5277e-02 -15.1377 < 2.2e-16 ***
## fesisJapan.2012 4.1977e-01 4.9605e-02 8.4623 4.780e-16 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## Diagnostics and fit:
##
## Chi-sq df p-value
## Ljung-Box AR(1) 108.35 1 < 2.2e-16 ***
## Ljung-Box ARCH(1) 14.76 1 0.0001221 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## SE of regression 0.10697
## R-squared 0.99695
## Log-lik.(n=462) 404.62407ETS (all phases)
## [1] "Formula: l_edgar_v7 ~ lgdp_wb + lpop + lgdp_wb_sq + hdd + cdd + EU_ETS_05 + EU_ETS_08 + EU_ETS_13"
## [1] "EU15+selected (2000:2021); p.value: 0.01; AR: 0"
##
## Date: Mon Nov 7 21:03:50 2022
## Dependent var.: y
## Method: Ordinary Least Squares (OLS)
## Variance-Covariance: Ordinary
## No. of observations (mean eq.): 462
## Sample: 1 to 462
##
## SPECIFIC mean equation:
##
## coef std.error t-stat p-value
## lgdp_wb 1.1555e+00 1.2314e+00 0.9383 0.3486344
## lpop -1.9445e+00 2.5330e-01 -7.6764 1.267e-13 ***
## lgdp_wb_sq -1.0987e-02 2.3127e-02 -0.4751 0.6349898
## hdd 1.6400e-04 3.5490e-05 4.6211 5.157e-06 ***
## cdd 2.7211e-04 1.0398e-04 2.6170 0.0092071 **
## EU_ETS_05 -3.6837e-02 3.5432e-02 -1.0396 0.2991379
## EU_ETS_08 -7.1681e-02 3.5172e-02 -2.0380 0.0422082 *
## EU_ETS_13 -1.7472e-01 3.2258e-02 -5.4163 1.053e-07 ***
## idAustria -3.9243e+00 2.1648e-01 -18.1281 < 2.2e-16 ***
## idBelgium -2.9977e+00 1.6130e-01 -18.5843 < 2.2e-16 ***
## idCanada -1.8481e-01 1.6511e-01 -1.1193 0.2636726
## idDenmark -4.1884e+00 2.9440e-01 -14.2269 < 2.2e-16 ***
## idFinland -4.2153e+00 3.1402e-01 -13.4238 < 2.2e-16 ***
## idFrance 3.7385e-01 2.6577e-01 1.4067 0.1602975
## idGermany 2.5258e+00 3.2190e-01 7.8466 3.945e-14 ***
## idGreece -2.0186e+00 1.3898e-01 -14.5239 < 2.2e-16 ***
## idIreland -4.8362e+00 3.3295e-01 -14.5253 < 2.2e-16 ***
## idItaly 1.2980e+00 2.4097e-01 5.3866 1.228e-07 ***
## idJapan 3.5461e+00 4.0578e-01 8.7391 < 2.2e-16 ***
## idLuxembourg -1.1941e+01 8.0403e-01 -14.8512 < 2.2e-16 ***
## idNetherlands -1.5223e+00 1.0428e-01 -14.5980 < 2.2e-16 ***
## idNewZealand -5.0967e+00 3.2564e-01 -15.6513 < 2.2e-16 ***
## idPortugal -2.5940e+00 1.5097e-01 -17.1821 < 2.2e-16 ***
## idSpain 6.6593e-01 1.9428e-01 3.4277 0.0006719 ***
## idSweden -4.3716e+00 2.0973e-01 -20.8440 < 2.2e-16 ***
## idSwitzerland -6.1786e+00 2.5483e-01 -24.2463 < 2.2e-16 ***
## idUnitedKingdom 1.4992e+00 2.6073e-01 5.7502 1.772e-08 ***
## idUnitedStates 5.9660e+00 6.5179e-01 9.1532 < 2.2e-16 ***
## time2000 2.1059e+01 1.6186e+01 1.3011 0.1939894
## time2001 2.1065e+01 1.6186e+01 1.3015 0.1938510
## time2002 2.1116e+01 1.6185e+01 1.3047 0.1927506
## time2003 2.1117e+01 1.6185e+01 1.3047 0.1927511
## time2004 2.1134e+01 1.6184e+01 1.3059 0.1923540
## time2005 2.1159e+01 1.6181e+01 1.3077 0.1917368
## time2006 2.1172e+01 1.6180e+01 1.3085 0.1914459
## time2007 2.1178e+01 1.6179e+01 1.3090 0.1912981
## time2008 2.1180e+01 1.6178e+01 1.3092 0.1912164
## time2009 2.1139e+01 1.6179e+01 1.3065 0.1921186
## time2010 2.1114e+01 1.6179e+01 1.3050 0.1926322
## time2011 2.1136e+01 1.6178e+01 1.3065 0.1921369
## time2012 2.1107e+01 1.6178e+01 1.3047 0.1927559
## time2013 2.1181e+01 1.6169e+01 1.3100 0.1909501
## time2014 2.1148e+01 1.6169e+01 1.3079 0.1916417
## time2015 2.1161e+01 1.6167e+01 1.3089 0.1913255
## time2016 2.1090e+01 1.6167e+01 1.3045 0.1928065
## time2017 2.1090e+01 1.6167e+01 1.3046 0.1927870
## time2018 2.1007e+01 1.6166e+01 1.2995 0.1945344
## time2019 2.0908e+01 1.6165e+01 1.2934 0.1966138
## time2020 2.0875e+01 1.6168e+01 1.2912 0.1973955
## time2021 2.0868e+01 1.6166e+01 1.2909 0.1974897
## iis267 -5.1528e-01 1.4339e-01 -3.5937 0.0003667 ***
## fesisAustria.2016 2.5252e-01 4.9752e-02 5.0755 5.933e-07 ***
## fesisSwitzerland.2018 3.5697e-01 5.9428e-02 6.0068 4.256e-09 ***
## fesisDenmark.2015 -5.5401e-01 4.7608e-02 -11.6370 < 2.2e-16 ***
## fesisUnitedKingdom.2016 -3.9695e-01 5.1575e-02 -7.6965 1.104e-13 ***
## fesisLuxembourg.2002 1.1155e+00 1.0774e-01 10.3532 < 2.2e-16 ***
## fesisLuxembourg.2015 -8.0699e-01 6.2994e-02 -12.8105 < 2.2e-16 ***
## fesisNetherlands.2014 2.8621e-01 4.5811e-02 6.2476 1.067e-09 ***
## fesisSweden.2016 3.1510e-01 5.0613e-02 6.2257 1.213e-09 ***
## fesisAustralia.2016 2.2668e-01 5.4963e-02 4.1242 4.526e-05 ***
## fesisNewZealand.2013 -3.1372e-01 5.8419e-02 -5.3703 1.336e-07 ***
## fesisNewZealand.2019 3.1932e-01 7.3181e-02 4.3635 1.631e-05 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## Diagnostics and fit:
##
## Chi-sq df p-value
## Ljung-Box AR(1) 68.463 1 < 2.2e-16 ***
## Ljung-Box ARCH(1) 16.193 1 5.721e-05 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## SE of regression 0.09882
## R-squared 0.99744
## Log-lik.(n=462) 444.74987
## [1] "Formula: l_edgar_v7 ~ lgdp_wb + lpop + lgdp_wb_sq + hdd + cdd + EU_ETS_05 + EU_ETS_08 + EU_ETS_13"
## [1] "EU15+selected (2000:2021); p.value: 0.001; AR: 0"
##
## Date: Mon Nov 7 21:04:00 2022
## Dependent var.: y
## Method: Ordinary Least Squares (OLS)
## Variance-Covariance: Ordinary
## No. of observations (mean eq.): 462
## Sample: 1 to 462
##
## SPECIFIC mean equation:
##
## coef std.error t-stat p-value
## lgdp_wb -1.7129e+00 1.1601e+00 -1.4765 0.1405923
## lpop -1.5642e+00 2.5121e-01 -6.2265 1.199e-09 ***
## lgdp_wb_sq 4.1883e-02 2.1770e-02 1.9239 0.0550684 .
## hdd 1.8258e-04 3.7606e-05 4.8551 1.725e-06 ***
## cdd 2.8285e-04 1.1045e-04 2.5609 0.0108033 *
## EU_ETS_05 -2.1490e-02 3.7596e-02 -0.5716 0.5679161
## EU_ETS_08 -6.6462e-02 3.7391e-02 -1.7775 0.0762446 .
## EU_ETS_13 -1.3408e-01 3.1731e-02 -4.2254 2.953e-05 ***
## idAustria -3.6760e+00 2.2227e-01 -16.5384 < 2.2e-16 ***
## idBelgium -2.8274e+00 1.6709e-01 -16.9215 < 2.2e-16 ***
## idCanada -4.8092e-01 1.6383e-01 -2.9355 0.0035209 **
## idDenmark -3.7908e+00 2.9717e-01 -12.7564 < 2.2e-16 ***
## idFinland -3.8545e+00 3.2051e-01 -12.0261 < 2.2e-16 ***
## idFrance -2.1943e-01 2.5858e-01 -0.8486 0.3966074
## idGermany 1.7818e+00 3.1349e-01 5.6837 2.532e-08 ***
## idGreece -1.8830e+00 1.4458e-01 -13.0233 < 2.2e-16 ***
## idIreland -4.3676e+00 3.3376e-01 -13.0864 < 2.2e-16 ***
## idItaly 7.7426e-01 2.3344e-01 3.3168 0.0009933 ***
## idJapan 2.6214e+00 3.9428e-01 6.6485 9.654e-11 ***
## idLuxembourg -1.0946e+01 7.9105e-01 -13.8376 < 2.2e-16 ***
## idNetherlands -1.5047e+00 1.1060e-01 -13.6048 < 2.2e-16 ***
## idNewZealand -4.6988e+00 3.2218e-01 -14.5842 < 2.2e-16 ***
## idPortugal -2.4379e+00 1.5628e-01 -15.5995 < 2.2e-16 ***
## idSpain 2.9546e-01 1.8882e-01 1.5648 0.1184152
## idSweden -4.1615e+00 2.1702e-01 -19.1755 < 2.2e-16 ***
## idSwitzerland -5.8624e+00 2.6069e-01 -22.4878 < 2.2e-16 ***
## idUnitedKingdom 9.0156e-01 2.5436e-01 3.5445 0.0004395 ***
## idUnitedStates 4.3186e+00 6.3665e-01 6.7834 4.201e-11 ***
## time2000 5.3599e+01 1.5074e+01 3.5557 0.0004217 ***
## time2001 5.3600e+01 1.5074e+01 3.5559 0.0004215 ***
## time2002 5.3650e+01 1.5073e+01 3.5594 0.0004159 ***
## time2003 5.3645e+01 1.5073e+01 3.5590 0.0004167 ***
## time2004 5.3661e+01 1.5072e+01 3.5604 0.0004145 ***
## time2005 5.3673e+01 1.5069e+01 3.5619 0.0004122 ***
## time2006 5.3685e+01 1.5068e+01 3.5628 0.0004109 ***
## time2007 5.3690e+01 1.5067e+01 3.5634 0.0004099 ***
## time2008 5.3683e+01 1.5065e+01 3.5633 0.0004100 ***
## time2009 5.3639e+01 1.5067e+01 3.5600 0.0004151 ***
## time2010 5.3604e+01 1.5066e+01 3.5579 0.0004183 ***
## time2011 5.3632e+01 1.5066e+01 3.5599 0.0004152 ***
## time2012 5.3596e+01 1.5065e+01 3.5576 0.0004188 ***
## time2013 5.3624e+01 1.5061e+01 3.5605 0.0004144 ***
## time2014 5.3594e+01 1.5060e+01 3.5586 0.0004172 ***
## time2015 5.3604e+01 1.5059e+01 3.5595 0.0004158 ***
## time2016 5.3544e+01 1.5059e+01 3.5556 0.0004219 ***
## time2017 5.3541e+01 1.5058e+01 3.5556 0.0004219 ***
## time2018 5.3456e+01 1.5058e+01 3.5499 0.0004308 ***
## time2019 5.3370e+01 1.5057e+01 3.5444 0.0004396 ***
## time2020 5.3342e+01 1.5060e+01 3.5420 0.0004436 ***
## time2021 5.3329e+01 1.5058e+01 3.5416 0.0004442 ***
## iis267 -5.1882e-01 1.5247e-01 -3.4029 0.0007335 ***
## fesisAustria.2016 2.4142e-01 5.2736e-02 4.5780 6.264e-06 ***
## fesisSwitzerland.2018 3.5585e-01 6.1719e-02 5.7656 1.621e-08 ***
## fesisDenmark.2015 -5.5360e-01 5.0548e-02 -10.9519 < 2.2e-16 ***
## fesisUnitedKingdom.2016 -4.4593e-01 5.4318e-02 -8.2096 3.035e-15 ***
## fesisLuxembourg.2002 1.1459e+00 1.1394e-01 10.0572 < 2.2e-16 ***
## fesisLuxembourg.2015 -8.1888e-01 6.3730e-02 -12.8492 < 2.2e-16 ***
## fesisNetherlands.2014 2.7739e-01 4.8698e-02 5.6962 2.366e-08 ***
## fesisSweden.2016 2.9062e-01 5.3496e-02 5.4325 9.631e-08 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## Diagnostics and fit:
##
## Chi-sq df p-value
## Ljung-Box AR(1) 86.925 1 < 2.2e-16 ***
## Ljung-Box ARCH(1) 36.981 1 1.193e-09 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## SE of regression 0.10508
## R-squared 0.99708
## Log-lik.(n=462) 414.84901Temp & Pop Only
1990-2021
no ETS
## [1] "Formula: l_edgar_v7 ~ lpop + hdd + cdd"
## [1] "EU15+selected (1990:2021); p.value: 0.01; AR: 0"
##
## Date: Mon Nov 7 19:51:21 2022
## Dependent var.: y
## Method: Ordinary Least Squares (OLS)
## Variance-Covariance: Ordinary
## No. of observations (mean eq.): 672
## Sample: 1 to 672
##
## SPECIFIC mean equation:
##
## coef std.error t-stat p-value
## lpop 3.3863e-01 1.2587e-01 2.6904 0.0073396 **
## hdd 1.7173e-04 3.0089e-05 5.7073 1.821e-08 ***
## cdd 2.4841e-04 8.3810e-05 2.9639 0.0031604 **
## idAustria -2.3795e+00 1.4573e-01 -16.3282 < 2.2e-16 ***
## idBelgium -1.7354e+00 1.1083e-01 -15.6583 < 2.2e-16 ***
## idCanada -9.8719e-01 1.2342e-01 -7.9984 6.725e-15 ***
## idDenmark -1.5076e+00 1.8522e-01 -8.1393 2.381e-15 ***
## idFinland -1.9808e+00 2.1421e-01 -9.2470 < 2.2e-16 ***
## idFrance -1.7741e+00 1.5822e-01 -11.2130 < 2.2e-16 ***
## idGermany 3.2587e-02 1.9374e-01 0.1682 0.8664845
## idGreece -1.3742e+00 8.7438e-02 -15.7163 < 2.2e-16 ***
## idIreland -2.1091e+00 2.1209e-01 -9.9447 < 2.2e-16 ***
## idItaly -7.2018e-01 1.4129e-01 -5.0973 4.652e-07 ***
## idJapan 1.2751e-01 2.4027e-01 0.5307 0.5958396
## idLuxembourg -4.2308e+00 4.9628e-01 -8.5251 < 2.2e-16 ***
## idNetherlands -1.1856e+00 7.9018e-02 -15.0038 < 2.2e-16 ***
## idNewZealand -3.0129e+00 2.1699e-01 -13.8852 < 2.2e-16 ***
## idPortugal -1.9025e+00 9.0464e-02 -21.0308 < 2.2e-16 ***
## idSpain -1.0217e+00 1.0461e-01 -9.7661 < 2.2e-16 ***
## idSweden -2.9051e+00 1.4526e-01 -20.0000 < 2.2e-16 ***
## idSwitzerland -4.1081e+00 1.5706e-01 -26.1559 < 2.2e-16 ***
## idUnitedKingdom -3.2988e-01 1.6324e-01 -2.0208 0.0437556 *
## idUnitedStates 1.4545e+00 3.4114e-01 4.2638 2.341e-05 ***
## time1990 5.9608e+00 2.1007e+00 2.8376 0.0047025 **
## time1991 5.9787e+00 2.1012e+00 2.8454 0.0045907 **
## time1992 6.0020e+00 2.1023e+00 2.8550 0.0044551 **
## time1993 5.9419e+00 2.1028e+00 2.8257 0.0048783 **
## time1994 5.9761e+00 2.1038e+00 2.8406 0.0046590 **
## time1995 6.0031e+00 2.1044e+00 2.8527 0.0044874 **
## time1996 5.9874e+00 2.1046e+00 2.8450 0.0045965 **
## time1997 6.0359e+00 2.1051e+00 2.8673 0.0042879 **
## time1998 6.0732e+00 2.1058e+00 2.8841 0.0040691 **
## time1999 6.0841e+00 2.1064e+00 2.8883 0.0040154 **
## time2000 6.1046e+00 2.1073e+00 2.8969 0.0039094 **
## time2001 6.1215e+00 2.1078e+00 2.9042 0.0038207 **
## time2002 6.1705e+00 2.1087e+00 2.9262 0.0035638 **
## time2003 6.1654e+00 2.1093e+00 2.9229 0.0036008 **
## time2004 6.2019e+00 2.1104e+00 2.9387 0.0034252 **
## time2005 6.1984e+00 2.1114e+00 2.9357 0.0034581 **
## time2006 6.2144e+00 2.1125e+00 2.9417 0.0033924 **
## time2007 6.2204e+00 2.1137e+00 2.9429 0.0033793 **
## time2008 6.1405e+00 2.1137e+00 2.9051 0.0038099 **
## time2009 6.0625e+00 2.1145e+00 2.8671 0.0042909 **
## time2010 6.0322e+00 2.1147e+00 2.8525 0.0044902 **
## time2011 6.0517e+00 2.1162e+00 2.8596 0.0043920 **
## time2012 5.9847e+00 2.1171e+00 2.8268 0.0048617 **
## time2013 5.9316e+00 2.1172e+00 2.8016 0.0052517 **
## time2014 5.8971e+00 2.1188e+00 2.7832 0.0055548 **
## time2015 5.8723e+00 2.1195e+00 2.7707 0.0057711 **
## time2016 5.8628e+00 2.1197e+00 2.7659 0.0058556 **
## time2017 5.8630e+00 2.1205e+00 2.7649 0.0058723 **
## time2018 5.7974e+00 2.1213e+00 2.7330 0.0064651 **
## time2019 5.7072e+00 2.1220e+00 2.6896 0.0073576 **
## time2020 5.6322e+00 2.1232e+00 2.6527 0.0081998 **
## time2021 5.6451e+00 2.1230e+00 2.6590 0.0080496 **
## iis181 3.5938e-01 1.1020e-01 3.2611 0.0011741 **
## iis407 8.8198e-01 1.2978e-01 6.7959 2.645e-11 ***
## iis408 8.6085e-01 1.2971e-01 6.6368 7.289e-11 ***
## iis409 8.1972e-01 1.2976e-01 6.3174 5.254e-10 ***
## iis410 8.9117e-01 1.2982e-01 6.8645 1.700e-11 ***
## iis411 6.1970e-01 1.2989e-01 4.7709 2.316e-06 ***
## iis414 -8.8447e-01 1.1114e-01 -7.9583 9.017e-15 ***
## iis415 -1.9540e+00 1.1104e-01 -17.5964 < 2.2e-16 ***
## iis416 -1.8346e+00 1.1087e-01 -16.5472 < 2.2e-16 ***
## iis417 -1.5504e+00 1.1083e-01 -13.9889 < 2.2e-16 ***
## iis418 -1.0547e+00 1.1072e-01 -9.5256 < 2.2e-16 ***
## iis433 -8.3899e-01 1.2244e-01 -6.8524 1.837e-11 ***
## iis434 -8.6843e-01 1.2246e-01 -7.0918 3.816e-12 ***
## iis435 -8.8321e-01 1.2275e-01 -7.1955 1.906e-12 ***
## iis640 -8.1940e-01 1.2276e-01 -6.6747 5.738e-11 ***
## iis641 -7.0931e-01 1.2305e-01 -5.7644 1.324e-08 ***
## iis642 -7.1676e-01 1.2329e-01 -5.8136 1.004e-08 ***
## fesisBelgium.2001 -2.6466e-01 3.9807e-02 -6.6485 6.770e-11 ***
## fesisSwitzerland.2016 3.3944e-01 4.8930e-02 6.9372 1.058e-11 ***
## fesisDenmark.2004 -4.0504e-01 4.3669e-02 -9.2751 < 2.2e-16 ***
## fesisDenmark.2015 -5.4239e-01 5.1543e-02 -10.5231 < 2.2e-16 ***
## fesisUnitedKingdom.2000 -1.2747e-01 4.2959e-02 -2.9672 0.0031275 **
## fesisUnitedKingdom.2016 -5.0545e-01 5.1062e-02 -9.8989 < 2.2e-16 ***
## fesisLuxembourg.1997 2.7776e-01 8.2719e-02 3.3579 0.0008363 ***
## fesisLuxembourg.2013 -4.5778e-01 7.0122e-02 -6.5283 1.439e-10 ***
## fesisNetherlands.2014 2.6728e-01 4.3636e-02 6.1253 1.657e-09 ***
## fesisJapan.2012 4.8330e-01 4.2497e-02 11.3727 < 2.2e-16 ***
## fesisAustralia.2008 2.5270e-01 4.1452e-02 6.0962 1.967e-09 ***
## fesisNewZealand.1997 4.7749e-01 4.7461e-02 10.0608 < 2.2e-16 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## Diagnostics and fit:
##
## Chi-sq df p-value
## Ljung-Box AR(1) 150.923 1 < 2.2e-16 ***
## Ljung-Box ARCH(1) 42.415 1 7.38e-11 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## SE of regression 0.10327
## R-squared 0.99714
## Log-lik.(n=672) 614.20074
## [1] "Formula: l_edgar_v7 ~ lpop + hdd + cdd"
## [1] "EU15+selected (1990:2021); p.value: 0.001; AR: 0"
##
## Date: Mon Nov 7 19:51:24 2022
## Dependent var.: y
## Method: Ordinary Least Squares (OLS)
## Variance-Covariance: Ordinary
## No. of observations (mean eq.): 672
## Sample: 1 to 672
##
## SPECIFIC mean equation:
##
## coef std.error t-stat p-value
## lpop 3.4969e-01 1.3479e-01 2.5943 0.009709 **
## hdd 1.7509e-04 3.2232e-05 5.4322 8.110e-08 ***
## cdd 2.8548e-04 8.9224e-05 3.1996 0.001449 **
## idAustria -2.3579e+00 1.5572e-01 -15.1416 < 2.2e-16 ***
## idBelgium -1.8862e+00 1.1690e-01 -16.1344 < 2.2e-16 ***
## idCanada -9.8467e-01 1.3243e-01 -7.4353 3.634e-13 ***
## idDenmark -1.4570e+00 1.9809e-01 -7.3550 6.319e-13 ***
## idFinland -1.9549e+00 2.2898e-01 -8.5374 < 2.2e-16 ***
## idFrance -1.7730e+00 1.6973e-01 -10.4460 < 2.2e-16 ***
## idGermany 3.0469e-02 2.0783e-01 0.1466 0.883495
## idGreece -1.3771e+00 9.3676e-02 -14.7009 < 2.2e-16 ***
## idIreland -2.0724e+00 2.2666e-01 -9.1428 < 2.2e-16 ***
## idItaly -7.3089e-01 1.5151e-01 -4.8240 1.788e-06 ***
## idJapan 1.0584e-01 2.5743e-01 0.4111 0.681126
## idLuxembourg -4.1948e+00 5.3127e-01 -7.8958 1.386e-14 ***
## idNetherlands -1.0998e+00 8.3975e-02 -13.0966 < 2.2e-16 ***
## idNewZealand -2.9851e+00 2.3223e-01 -12.8540 < 2.2e-16 ***
## idPortugal -1.8839e+00 9.6672e-02 -19.4876 < 2.2e-16 ***
## idSpain -1.0283e+00 1.1222e-01 -9.1634 < 2.2e-16 ***
## idSweden -2.8826e+00 1.5520e-01 -18.5738 < 2.2e-16 ***
## idSwitzerland -4.0825e+00 1.6786e-01 -24.3202 < 2.2e-16 ***
## idUnitedKingdom -4.0083e-01 1.7253e-01 -2.3233 0.020498 *
## idUnitedStates 1.4157e+00 3.6544e-01 3.8738 0.000119 ***
## time1990 5.7579e+00 2.2495e+00 2.5597 0.010722 *
## time1991 5.7750e+00 2.2501e+00 2.5666 0.010512 *
## time1992 5.8001e+00 2.2512e+00 2.5765 0.010221 *
## time1993 5.7399e+00 2.2518e+00 2.5490 0.011051 *
## time1994 5.7715e+00 2.2528e+00 2.5619 0.010654 *
## time1995 5.8000e+00 2.2534e+00 2.5739 0.010297 *
## time1996 5.8024e+00 2.2536e+00 2.5747 0.010273 *
## time1997 5.8355e+00 2.2541e+00 2.5889 0.009863 **
## time1998 5.8686e+00 2.2549e+00 2.6026 0.009481 **
## time1999 5.8796e+00 2.2556e+00 2.6067 0.009371 **
## time2000 5.8948e+00 2.2565e+00 2.6124 0.009218 **
## time2001 5.8935e+00 2.2571e+00 2.6112 0.009250 **
## time2002 5.9469e+00 2.2579e+00 2.6339 0.008660 **
## time2003 5.9384e+00 2.2585e+00 2.6294 0.008774 **
## time2004 5.9780e+00 2.2597e+00 2.6455 0.008372 **
## time2005 5.9736e+00 2.2607e+00 2.6423 0.008449 **
## time2006 5.9888e+00 2.2619e+00 2.6477 0.008318 **
## time2007 5.9972e+00 2.2632e+00 2.6499 0.008265 **
## time2008 5.9171e+00 2.2632e+00 2.6145 0.009162 **
## time2009 5.8379e+00 2.2640e+00 2.5785 0.010160 *
## time2010 5.8059e+00 2.2643e+00 2.5641 0.010588 *
## time2011 5.8274e+00 2.2659e+00 2.5718 0.010359 *
## time2012 5.7591e+00 2.2669e+00 2.5406 0.011319 *
## time2013 5.7068e+00 2.2669e+00 2.5175 0.012081 *
## time2014 5.6869e+00 2.2685e+00 2.5069 0.012444 *
## time2015 5.6608e+00 2.2692e+00 2.4946 0.012878 *
## time2016 5.6529e+00 2.2692e+00 2.4912 0.013003 *
## time2017 5.6515e+00 2.2702e+00 2.4894 0.013065 *
## time2018 5.5835e+00 2.2711e+00 2.4585 0.014235 *
## time2019 5.4970e+00 2.2720e+00 2.4195 0.015840 *
## time2020 5.4279e+00 2.2733e+00 2.3877 0.017263 *
## time2021 5.4408e+00 2.2732e+00 2.3935 0.016996 *
## iis407 8.9258e-01 1.3975e-01 6.3869 3.403e-10 ***
## iis408 8.6983e-01 1.3968e-01 6.2272 8.947e-10 ***
## iis409 8.2873e-01 1.3973e-01 5.9310 5.094e-09 ***
## iis410 9.0267e-01 1.3979e-01 6.4573 2.208e-10 ***
## iis411 6.2923e-01 1.3986e-01 4.4988 8.212e-06 ***
## iis415 -9.9248e-01 1.3969e-01 -7.1049 3.437e-12 ***
## iis416 -8.7419e-01 1.3962e-01 -6.2613 7.291e-10 ***
## iis417 -5.8188e-01 1.3979e-01 -4.1624 3.612e-05 ***
## fesisSwitzerland.2016 3.3236e-01 5.2622e-02 6.3161 5.238e-10 ***
## fesisDenmark.2004 -4.1469e-01 4.6190e-02 -8.9779 < 2.2e-16 ***
## fesisDenmark.2015 -5.5654e-01 5.5441e-02 -10.0383 < 2.2e-16 ***
## fesisUnitedKingdom.2016 -5.6076e-01 5.2082e-02 -10.7668 < 2.2e-16 ***
## fesisLuxembourg.1997 -6.7116e-01 1.1417e-01 -5.8787 6.878e-09 ***
## fesisLuxembourg.2002 9.7926e-01 8.8134e-02 11.1110 < 2.2e-16 ***
## fesisLuxembourg.2013 -4.6863e-01 7.5514e-02 -6.2059 1.017e-09 ***
## fesisLuxembourg.2016 -8.1443e-01 8.1350e-02 -10.0114 < 2.2e-16 ***
## fesisJapan.2012 4.7948e-01 4.5632e-02 10.5074 < 2.2e-16 ***
## fesisAustralia.2008 2.5241e-01 4.4625e-02 5.6563 2.399e-08 ***
## fesisNewZealand.1997 4.9158e-01 5.1040e-02 9.6311 < 2.2e-16 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## Diagnostics and fit:
##
## Chi-sq df p-value
## Ljung-Box AR(1) 186.78 1 < 2.2e-16 ***
## Ljung-Box ARCH(1) 58.94 1 1.621e-14 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## SE of regression 0.11123
## R-squared 0.99663
## Log-lik.(n=672) 559.26979ETS (all phases)
## [1] "Formula: l_edgar_v7 ~ lpop + hdd + cdd + EU_ETS_05 + EU_ETS_08 + EU_ETS_13"
## [1] "EU15+selected (1990:2021); p.value: 0.01; AR: 0"
##
## Date: Mon Nov 7 21:08:48 2022
## Dependent var.: y
## Method: Ordinary Least Squares (OLS)
## Variance-Covariance: Ordinary
## No. of observations (mean eq.): 672
## Sample: 1 to 672
##
## SPECIFIC mean equation:
##
## coef std.error t-stat p-value
## lpop -2.8241e-01 1.3415e-01 -2.1052 0.0356991 *
## hdd 2.0169e-04 3.2044e-05 6.2943 6.035e-10 ***
## cdd 3.1294e-04 9.0648e-05 3.4522 0.0005958 ***
## EU_ETS_05 -3.7438e-02 3.5143e-02 -1.0653 0.2871772
## EU_ETS_08 -7.4856e-02 3.8585e-02 -1.9400 0.0528531 .
## EU_ETS_13 -1.2351e-01 3.1388e-02 -3.9349 9.317e-05 ***
## idAustria -2.8966e+00 1.5474e-01 -18.7193 < 2.2e-16 ***
## idBelgium -2.0463e+00 1.1908e-01 -17.1845 < 2.2e-16 ***
## idCanada -7.2841e-01 1.3439e-01 -5.4201 8.697e-08 ***
## idDenmark -2.2348e+00 1.9726e-01 -11.3297 < 2.2e-16 ***
## idFinland -2.7698e+00 2.2587e-01 -12.2631 < 2.2e-16 ***
## idFrance -9.6092e-01 1.7322e-01 -5.5472 4.389e-08 ***
## idGermany 9.8993e-01 2.1082e-01 4.6957 3.309e-06 ***
## idGreece -1.6754e+00 9.1488e-02 -18.3132 < 2.2e-16 ***
## idIreland -2.9769e+00 2.2526e-01 -13.2155 < 2.2e-16 ***
## idItaly 3.4830e-02 1.5938e-01 0.2185 0.8270902
## idJapan 1.4159e+00 2.5775e-01 5.4931 5.881e-08 ***
## idLuxembourg -6.5553e+00 5.2699e-01 -12.4392 < 2.2e-16 ***
## idNetherlands -1.2237e+00 8.6481e-02 -14.1498 < 2.2e-16 ***
## idNewZealand -3.9292e+00 2.3240e-01 -16.9067 < 2.2e-16 ***
## idPortugal -2.1896e+00 9.6582e-02 -22.6707 < 2.2e-16 ***
## idSpain -4.4021e-01 1.2085e-01 -3.6426 0.0002937 ***
## idSweden -3.3590e+00 1.5534e-01 -21.6238 < 2.2e-16 ***
## idSwitzerland -4.6994e+00 1.6801e-01 -27.9717 < 2.2e-16 ***
## idUnitedKingdom 3.7925e-01 1.7404e-01 2.1790 0.0297239 *
## idUnitedStates 3.1807e+00 3.6896e-01 8.6206 < 2.2e-16 ***
## time1990 1.6198e+01 2.2409e+00 7.2283 1.524e-12 ***
## time1991 1.6213e+01 2.2417e+00 7.2328 1.478e-12 ***
## time1992 1.6246e+01 2.2423e+00 7.2454 1.357e-12 ***
## time1993 1.6188e+01 2.2429e+00 7.2172 1.643e-12 ***
## time1994 1.6224e+01 2.2446e+00 7.2283 1.524e-12 ***
## time1995 1.6255e+01 2.2449e+00 7.2411 1.398e-12 ***
## time1996 1.6239e+01 2.2449e+00 7.2338 1.468e-12 ***
## time1997 1.6297e+01 2.2457e+00 7.2570 1.255e-12 ***
## time1998 1.6327e+01 2.2458e+00 7.2697 1.151e-12 ***
## time1999 1.6342e+01 2.2465e+00 7.2743 1.116e-12 ***
## time2000 1.6362e+01 2.2471e+00 7.2816 1.062e-12 ***
## time2001 1.6376e+01 2.2479e+00 7.2850 1.037e-12 ***
## time2002 1.6432e+01 2.2485e+00 7.3080 8.871e-13 ***
## time2003 1.6423e+01 2.2500e+00 7.2988 9.443e-13 ***
## time2004 1.6471e+01 2.2505e+00 7.3188 8.239e-13 ***
## time2005 1.6505e+01 2.2529e+00 7.3262 7.833e-13 ***
## time2006 1.6526e+01 2.2542e+00 7.3313 7.567e-13 ***
## time2007 1.6544e+01 2.2549e+00 7.3369 7.282e-13 ***
## time2008 1.6532e+01 2.2569e+00 7.3249 7.902e-13 ***
## time2009 1.6455e+01 2.2580e+00 7.2872 1.022e-12 ***
## time2010 1.6419e+01 2.2588e+00 7.2688 1.158e-12 ***
## time2011 1.6455e+01 2.2598e+00 7.2818 1.060e-12 ***
## time2012 1.6408e+01 2.2605e+00 7.2586 1.242e-12 ***
## time2013 1.6442e+01 2.2648e+00 7.2598 1.231e-12 ***
## time2014 1.6421e+01 2.2659e+00 7.2471 1.341e-12 ***
## time2015 1.6369e+01 2.2670e+00 7.2204 1.607e-12 ***
## time2016 1.6355e+01 2.2668e+00 7.2150 1.667e-12 ***
## time2017 1.6384e+01 2.2678e+00 7.2246 1.563e-12 ***
## time2018 1.6305e+01 2.2690e+00 7.1859 2.029e-12 ***
## time2019 1.6223e+01 2.2697e+00 7.1478 2.620e-12 ***
## time2020 1.6164e+01 2.2708e+00 7.1184 3.189e-12 ***
## time2021 1.6174e+01 2.2706e+00 7.1232 3.089e-12 ***
## iis181 3.4302e-01 1.1628e-01 2.9499 0.0033049 **
## iis407 8.6278e-01 1.3695e-01 6.3001 5.827e-10 ***
## iis408 8.3965e-01 1.3685e-01 6.1355 1.559e-09 ***
## iis409 8.0571e-01 1.3691e-01 5.8851 6.678e-09 ***
## iis410 8.8658e-01 1.3699e-01 6.4717 2.042e-10 ***
## iis411 6.1931e-01 1.3705e-01 4.5187 7.522e-06 ***
## iis414 -9.5935e-01 1.1746e-01 -8.1673 1.928e-15 ***
## iis415 -2.0104e+00 1.1736e-01 -17.1304 < 2.2e-16 ***
## iis416 -1.8839e+00 1.1712e-01 -16.0849 < 2.2e-16 ***
## iis417 -1.5829e+00 1.1714e-01 -13.5123 < 2.2e-16 ***
## iis418 -1.0884e+00 1.1697e-01 -9.3049 < 2.2e-16 ***
## fesisUnitedStates.2005 -1.5193e-01 4.3709e-02 -3.4758 0.0005468 ***
## fesisAustria.2016 2.0501e-01 5.1661e-02 3.9684 8.128e-05 ***
## fesisBelgium.2001 -2.4036e-01 4.2160e-02 -5.7010 1.885e-08 ***
## fesisSwitzerland.2018 3.0558e-01 6.2045e-02 4.9251 1.097e-06 ***
## fesisDenmark.2004 -4.5202e-01 4.4373e-02 -10.1870 < 2.2e-16 ***
## fesisDenmark.2017 -5.3341e-01 5.9570e-02 -8.9545 < 2.2e-16 ***
## fesisUnitedKingdom.2016 -5.0442e-01 5.1828e-02 -9.7325 < 2.2e-16 ***
## fesisLuxembourg.1997 3.6174e-01 8.7484e-02 4.1350 4.066e-05 ***
## fesisLuxembourg.2013 -3.6392e-01 7.4864e-02 -4.8611 1.500e-06 ***
## fesisLuxembourg.2016 -7.5074e-01 7.9886e-02 -9.3977 < 2.2e-16 ***
## fesisNetherlands.2014 3.0320e-01 4.6573e-02 6.5101 1.609e-10 ***
## fesisSweden.2016 2.0461e-01 5.2286e-02 3.9132 0.0001017 ***
## fesisAustralia.1998 2.1222e-01 4.9991e-02 4.2452 2.537e-05 ***
## fesisNewZealand.1997 4.6226e-01 5.0913e-02 9.0793 < 2.2e-16 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## Diagnostics and fit:
##
## Chi-sq df p-value
## Ljung-Box AR(1) 171.184 1 < 2.2e-16 ***
## Ljung-Box ARCH(1) 65.387 1 6.661e-16 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## SE of regression 0.10896
## R-squared 0.99682
## Log-lik.(n=672) 577.66470
## [1] "Formula: l_edgar_v7 ~ lpop + hdd + cdd + EU_ETS_05 + EU_ETS_08 + EU_ETS_13"
## [1] "EU15+selected (1990:2021); p.value: 0.001; AR: 0"
##
## Date: Mon Nov 7 21:08:54 2022
## Dependent var.: y
## Method: Ordinary Least Squares (OLS)
## Variance-Covariance: Ordinary
## No. of observations (mean eq.): 672
## Sample: 1 to 672
##
## SPECIFIC mean equation:
##
## coef std.error t-stat p-value
## lpop -5.2732e-02 1.3994e-01 -0.3768 0.7064517
## hdd 1.8441e-04 3.4699e-05 5.3145 1.510e-07 ***
## cdd 2.9931e-04 9.6560e-05 3.0997 0.0020276 **
## EU_ETS_05 -3.9465e-02 3.7430e-02 -1.0544 0.2921392
## EU_ETS_08 -7.0501e-02 4.2415e-02 -1.6622 0.0970045 .
## EU_ETS_13 -1.1493e-01 3.3694e-02 -3.4111 0.0006905 ***
## idAustria -2.7718e+00 1.6605e-01 -16.6928 < 2.2e-16 ***
## idBelgium -2.1901e+00 1.2610e-01 -17.3677 < 2.2e-16 ***
## idCanada -9.3939e-01 1.3740e-01 -6.8371 1.994e-11 ***
## idDenmark -2.0384e+00 2.1177e-01 -9.6254 < 2.2e-16 ***
## idFinland -2.5599e+00 2.4236e-01 -10.5623 < 2.2e-16 ***
## idFrance -1.3597e+00 1.7227e-01 -7.8926 1.411e-14 ***
## idGermany 5.4282e-01 2.1285e-01 2.5503 0.0110106 *
## idGreece -1.6755e+00 9.7890e-02 -17.1157 < 2.2e-16 ***
## idIreland -2.7508e+00 2.4125e-01 -11.4019 < 2.2e-16 ***
## idItaly -3.4961e-01 1.5423e-01 -2.2668 0.0237585 *
## idJapan 8.6171e-01 2.5624e-01 3.3629 0.0008203 ***
## idLuxembourg -4.9862e+00 5.5582e-01 -8.9708 < 2.2e-16 ***
## idNetherlands -1.3038e+00 9.1203e-02 -14.2958 < 2.2e-16 ***
## idNewZealand -3.6995e+00 2.4889e-01 -14.8638 < 2.2e-16 ***
## idPortugal -2.1908e+00 1.0468e-01 -20.9289 < 2.2e-16 ***
## idSpain -7.6296e-01 1.1279e-01 -6.7644 3.186e-11 ***
## idSweden -3.2540e+00 1.6603e-01 -19.5988 < 2.2e-16 ***
## idSwitzerland -4.5522e+00 1.8097e-01 -25.1550 < 2.2e-16 ***
## idUnitedKingdom -3.7980e-03 1.7502e-01 -0.0217 0.9826942
## idUnitedStates 2.3571e+00 3.7390e-01 6.3040 5.624e-10 ***
## time1990 1.2527e+01 2.3450e+00 5.3423 1.305e-07 ***
## time1991 1.2545e+01 2.3459e+00 5.3473 1.271e-07 ***
## time1992 1.2572e+01 2.3467e+00 5.3572 1.206e-07 ***
## time1993 1.2517e+01 2.3475e+00 5.3321 1.377e-07 ***
## time1994 1.2538e+01 2.3490e+00 5.3378 1.336e-07 ***
## time1995 1.2578e+01 2.3493e+00 5.3538 1.228e-07 ***
## time1996 1.2581e+01 2.3496e+00 5.3544 1.224e-07 ***
## time1997 1.2617e+01 2.3503e+00 5.3684 1.137e-07 ***
## time1998 1.2656e+01 2.3511e+00 5.3830 1.052e-07 ***
## time1999 1.2669e+01 2.3518e+00 5.3871 1.030e-07 ***
## time2000 1.2687e+01 2.3524e+00 5.3933 9.965e-08 ***
## time2001 1.2690e+01 2.3533e+00 5.3927 9.997e-08 ***
## time2002 1.2743e+01 2.3539e+00 5.4136 8.945e-08 ***
## time2003 1.2735e+01 2.3553e+00 5.4071 9.261e-08 ***
## time2004 1.2781e+01 2.3560e+00 5.4250 8.419e-08 ***
## time2005 1.2808e+01 2.3600e+00 5.4269 8.331e-08 ***
## time2006 1.2826e+01 2.3613e+00 5.4318 8.115e-08 ***
## time2007 1.2839e+01 2.3621e+00 5.4355 7.956e-08 ***
## time2008 1.2824e+01 2.3643e+00 5.4241 8.458e-08 ***
## time2009 1.2747e+01 2.3654e+00 5.3889 1.020e-07 ***
## time2010 1.2714e+01 2.3662e+00 5.3733 1.108e-07 ***
## time2011 1.2742e+01 2.3672e+00 5.3829 1.053e-07 ***
## time2012 1.2697e+01 2.3679e+00 5.3621 1.175e-07 ***
## time2013 1.2725e+01 2.3722e+00 5.3643 1.162e-07 ***
## time2014 1.2698e+01 2.3733e+00 5.3503 1.251e-07 ***
## time2015 1.2646e+01 2.3744e+00 5.3262 1.420e-07 ***
## time2016 1.2655e+01 2.3747e+00 5.3291 1.398e-07 ***
## time2017 1.2684e+01 2.3757e+00 5.3389 1.328e-07 ***
## time2018 1.2618e+01 2.3770e+00 5.3085 1.559e-07 ***
## time2019 1.2534e+01 2.3777e+00 5.2716 1.889e-07 ***
## time2020 1.2470e+01 2.3787e+00 5.2422 2.201e-07 ***
## time2021 1.2482e+01 2.3787e+00 5.2474 2.143e-07 ***
## iis414 -9.4552e-01 1.2900e-01 -7.3295 7.500e-13 ***
## iis415 -2.0093e+00 1.2897e-01 -15.5803 < 2.2e-16 ***
## iis416 -1.8867e+00 1.2872e-01 -14.6570 < 2.2e-16 ***
## iis417 -1.5897e+00 1.2875e-01 -12.3472 < 2.2e-16 ***
## iis418 -1.0821e+00 1.2860e-01 -8.4145 2.896e-16 ***
## fesisDenmark.2004 -4.6304e-01 4.7862e-02 -9.6745 < 2.2e-16 ***
## fesisDenmark.2017 -5.7015e-01 6.5160e-02 -8.7499 < 2.2e-16 ***
## fesisUnitedKingdom.2016 -5.3675e-01 5.6507e-02 -9.4987 < 2.2e-16 ***
## fesisLuxembourg.1995 -8.1507e-01 1.0290e-01 -7.9213 1.145e-14 ***
## fesisLuxembourg.1997 3.5196e-01 9.5871e-02 3.6712 0.0002629 ***
## fesisLuxembourg.2013 -3.8897e-01 8.2084e-02 -4.7387 2.689e-06 ***
## fesisLuxembourg.2016 -8.0175e-01 8.7497e-02 -9.1632 < 2.2e-16 ***
## fesisNetherlands.2014 2.8479e-01 5.0867e-02 5.5988 3.289e-08 ***
## fesisNewZealand.1997 4.3892e-01 5.4797e-02 8.0099 5.992e-15 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## Diagnostics and fit:
##
## Chi-sq df p-value
## Ljung-Box AR(1) 218.337 1 < 2.2e-16 ***
## Ljung-Box ARCH(1) 86.622 1 < 2.2e-16 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## SE of regression 0.11980
## R-squared 0.99608
## Log-lik.(n=672) 508.414952000-2021
no ETS
## [1] "Formula: l_edgar_v7 ~ lpop + hdd + cdd"
## [1] "EU15+selected (2000:2021); p.value: 0.01; AR: 0"
##
## Date: Mon Nov 7 19:51:50 2022
## Dependent var.: y
## Method: Ordinary Least Squares (OLS)
## Variance-Covariance: Ordinary
## No. of observations (mean eq.): 462
## Sample: 1 to 462
##
## SPECIFIC mean equation:
##
## coef std.error t-stat p-value
## lpop -5.1475e-01 1.8381e-01 -2.8005 0.0053506 **
## hdd 1.7267e-04 3.5674e-05 4.8402 1.855e-06 ***
## cdd 1.7807e-04 1.0384e-04 1.7149 0.0871400 .
## idAustria -3.2393e+00 2.0991e-01 -15.4323 < 2.2e-16 ***
## idBelgium -2.6486e+00 1.5902e-01 -16.6561 < 2.2e-16 ***
## idCanada -6.6633e-01 1.5120e-01 -4.4071 1.348e-05 ***
## idDenmark -3.0345e+00 2.7440e-01 -11.0586 < 2.2e-16 ***
## idFinland -3.2313e+00 3.0653e-01 -10.5413 < 2.2e-16 ***
## idFrance -8.8863e-01 2.1594e-01 -4.1151 4.701e-05 ***
## idGermany 1.0763e+00 2.6043e-01 4.1326 4.371e-05 ***
## idGreece -1.8920e+00 1.2797e-01 -14.7845 < 2.2e-16 ***
## idIreland -3.5572e+00 3.0900e-01 -11.5120 < 2.2e-16 ***
## idItaly 9.9014e-02 1.9316e-01 0.5126 0.6085099
## idJapan 1.6355e+00 3.3835e-01 4.8337 1.914e-06 ***
## idLuxembourg -8.3584e+00 7.2251e-01 -11.5685 < 2.2e-16 ***
## idNetherlands -1.4618e+00 1.0558e-01 -13.8460 < 2.2e-16 ***
## idNewZealand -3.9552e+00 3.0089e-01 -13.1450 < 2.2e-16 ***
## idPortugal -2.5742e+00 1.4145e-01 -18.1990 < 2.2e-16 ***
## idSpain -4.0531e-01 1.4558e-01 -2.7842 0.0056207 **
## idSweden -3.7822e+00 2.0483e-01 -18.4649 < 2.2e-16 ***
## idSwitzerland -5.0378e+00 2.2505e-01 -22.3854 < 2.2e-16 ***
## idUnitedKingdom 3.7241e-01 2.1624e-01 1.7222 0.0858072 .
## idUnitedStates 3.6829e+00 4.9336e-01 7.4650 5.258e-13 ***
## time2000 2.0560e+01 3.0873e+00 6.6595 9.096e-11 ***
## time2001 2.0570e+01 3.0879e+00 6.6614 8.992e-11 ***
## time2002 2.0625e+01 3.0890e+00 6.6771 8.169e-11 ***
## time2003 2.0632e+01 3.0902e+00 6.6766 8.195e-11 ***
## time2004 2.0650e+01 3.0912e+00 6.6803 8.012e-11 ***
## time2005 2.0655e+01 3.0928e+00 6.6783 8.107e-11 ***
## time2006 2.0679e+01 3.0946e+00 6.6823 7.910e-11 ***
## time2007 2.0688e+01 3.0961e+00 6.6819 7.931e-11 ***
## time2008 2.0626e+01 3.0971e+00 6.6597 9.088e-11 ***
## time2009 2.0542e+01 3.0975e+00 6.6317 1.078e-10 ***
## time2010 2.0518e+01 3.0978e+00 6.6236 1.133e-10 ***
## time2011 2.0541e+01 3.1002e+00 6.6258 1.118e-10 ***
## time2012 2.0496e+01 3.1015e+00 6.6085 1.242e-10 ***
## time2013 2.0425e+01 3.1023e+00 6.5838 1.443e-10 ***
## time2014 2.0397e+01 3.1048e+00 6.5693 1.577e-10 ***
## time2015 2.0385e+01 3.1068e+00 6.5616 1.652e-10 ***
## time2016 2.0382e+01 3.1062e+00 6.5616 1.651e-10 ***
## time2017 2.0388e+01 3.1074e+00 6.5610 1.658e-10 ***
## time2018 2.0331e+01 3.1089e+00 6.5396 1.887e-10 ***
## time2019 2.0244e+01 3.1098e+00 6.5096 2.261e-10 ***
## time2020 2.0173e+01 3.1117e+00 6.4831 2.651e-10 ***
## time2021 2.0186e+01 3.1112e+00 6.4883 2.569e-10 ***
## iis267 -5.1695e-01 1.4515e-01 -3.5614 0.0004134 ***
## iis283 -1.1055e+00 1.0834e-01 -10.2045 < 2.2e-16 ***
## iis284 -1.1145e+00 1.0902e-01 -10.2233 < 2.2e-16 ***
## iis285 -1.1154e+00 1.1006e-01 -10.1343 < 2.2e-16 ***
## iis430 -1.0399e+00 1.1044e-01 -9.4157 < 2.2e-16 ***
## iis431 -9.2509e-01 1.1125e-01 -8.3152 1.450e-15 ***
## iis432 -9.2826e-01 1.1173e-01 -8.3077 1.531e-15 ***
## fesisSwitzerland.2016 3.6158e-01 5.0483e-02 7.1624 3.835e-12 ***
## fesisDenmark.2012 -2.7437e-01 6.6361e-02 -4.1345 4.336e-05 ***
## fesisDenmark.2015 -3.8776e-01 7.1168e-02 -5.4485 8.894e-08 ***
## fesisUnitedKingdom.2016 -4.9554e-01 4.9781e-02 -9.9545 < 2.2e-16 ***
## fesisGreece.2015 -2.5638e-01 5.0463e-02 -5.0806 5.785e-07 ***
## fesisLuxembourg.2002 1.0274e+00 1.0694e-01 9.6071 < 2.2e-16 ***
## fesisNetherlands.2014 2.3966e-01 4.6076e-02 5.2015 3.164e-07 ***
## fesisSweden.2016 2.2886e-01 5.0217e-02 4.5574 6.890e-06 ***
## fesisJapan.2012 4.2477e-01 4.6610e-02 9.1133 < 2.2e-16 ***
## fesisAustralia.2009 2.9263e-01 4.8093e-02 6.0847 2.734e-09 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## Diagnostics and fit:
##
## Chi-sq df p-value
## Ljung-Box AR(1) 81.8400 1 < 2.2e-16 ***
## Ljung-Box ARCH(1) 9.7624 1 0.001781 **
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## SE of regression 0.10007
## R-squared 0.99737
## Log-lik.(n=462) 438.91262
## [1] "Formula: l_edgar_v7 ~ lpop + hdd + cdd"
## [1] "EU15+selected (2000:2021); p.value: 0.001; AR: 0"
##
## Date: Mon Nov 7 19:51:58 2022
## Dependent var.: y
## Method: Ordinary Least Squares (OLS)
## Variance-Covariance: Ordinary
## No. of observations (mean eq.): 462
## Sample: 1 to 462
##
## SPECIFIC mean equation:
##
## coef std.error t-stat p-value
## lpop -1.2412e-01 1.8673e-01 -0.6647 0.5066095
## hdd 1.4463e-04 3.8757e-05 3.7318 0.0002170 ***
## cdd 1.4911e-04 1.1258e-04 1.3245 0.1860887
## idAustria -2.8327e+00 2.1533e-01 -13.1551 < 2.2e-16 ***
## idBelgium -2.3654e+00 1.6408e-01 -14.4164 < 2.2e-16 ***
## idCanada -7.8276e-01 1.6375e-01 -4.7803 2.445e-06 ***
## idDenmark -2.4764e+00 2.8011e-01 -8.8410 < 2.2e-16 ***
## idFinland -2.6160e+00 3.1365e-01 -8.3405 1.144e-15 ***
## idFrance -1.3072e+00 2.2320e-01 -5.8566 9.716e-09 ***
## idGermany 5.8272e-01 2.6953e-01 2.1620 0.0311970 *
## idGreece -1.7018e+00 1.3512e-01 -12.5950 < 2.2e-16 ***
## idIreland -2.9291e+00 3.1447e-01 -9.3145 < 2.2e-16 ***
## idItaly -2.8562e-01 1.9857e-01 -1.4384 0.1510893
## idJapan 9.5043e-01 3.4577e-01 2.7487 0.0062482 **
## idLuxembourg -7.0884e+00 7.3036e-01 -9.7054 < 2.2e-16 ***
## idNetherlands -1.2598e+00 1.1188e-01 -11.2603 < 2.2e-16 ***
## idNewZealand -3.3538e+00 3.0645e-01 -10.9439 < 2.2e-16 ***
## idPortugal -2.3068e+00 1.4475e-01 -15.9365 < 2.2e-16 ***
## idSpain -6.9520e-01 1.4991e-01 -4.6374 4.756e-06 ***
## idSweden -3.3505e+00 2.0968e-01 -15.9793 < 2.2e-16 ***
## idSwitzerland -4.5959e+00 2.3089e-01 -19.9053 < 2.2e-16 ***
## idUnitedKingdom -2.6073e-02 2.2450e-01 -0.1161 0.9076015
## idUnitedStates 2.6696e+00 5.0350e-01 5.3022 1.877e-07 ***
## time2000 1.4021e+01 3.1371e+00 4.4693 1.017e-05 ***
## time2001 1.4058e+01 3.1379e+00 4.4800 9.701e-06 ***
## time2002 1.4096e+01 3.1389e+00 4.4907 9.245e-06 ***
## time2003 1.4105e+01 3.1403e+00 4.4918 9.201e-06 ***
## time2004 1.4118e+01 3.1413e+00 4.4945 9.090e-06 ***
## time2005 1.4120e+01 3.1428e+00 4.4927 9.163e-06 ***
## time2006 1.4140e+01 3.1446e+00 4.4966 9.005e-06 ***
## time2007 1.4141e+01 3.1460e+00 4.4951 9.068e-06 ***
## time2008 1.4079e+01 3.1472e+00 4.4736 9.980e-06 ***
## time2009 1.3997e+01 3.1476e+00 4.4468 1.124e-05 ***
## time2010 1.3980e+01 3.1482e+00 4.4406 1.156e-05 ***
## time2011 1.3988e+01 3.1502e+00 4.4403 1.157e-05 ***
## time2012 1.3945e+01 3.1517e+00 4.4247 1.240e-05 ***
## time2013 1.3873e+01 3.1525e+00 4.4005 1.380e-05 ***
## time2014 1.3843e+01 3.1546e+00 4.3883 1.456e-05 ***
## time2015 1.3821e+01 3.1558e+00 4.3797 1.511e-05 ***
## time2016 1.3830e+01 3.1551e+00 4.3834 1.487e-05 ***
## time2017 1.3832e+01 3.1565e+00 4.3822 1.495e-05 ***
## time2018 1.3773e+01 3.1581e+00 4.3611 1.639e-05 ***
## time2019 1.3686e+01 3.1591e+00 4.3323 1.859e-05 ***
## time2020 1.3612e+01 3.1609e+00 4.3065 2.079e-05 ***
## time2021 1.3629e+01 3.1606e+00 4.3123 2.027e-05 ***
## fesisSwitzerland.2016 3.2768e-01 5.5117e-02 5.9452 5.925e-09 ***
## fesisDenmark.2012 -2.7270e-01 7.2826e-02 -3.7445 0.0002066 ***
## fesisDenmark.2015 -3.9867e-01 7.7960e-02 -5.1138 4.861e-07 ***
## fesisUnitedKingdom.2016 -5.1318e-01 5.4365e-02 -9.4396 < 2.2e-16 ***
## fesisLuxembourg.2002 1.2576e+00 8.6237e-02 14.5831 < 2.2e-16 ***
## fesisLuxembourg.2016 -1.1111e+00 6.2172e-02 -17.8709 < 2.2e-16 ***
## fesisJapan.2012 4.4555e-01 5.0476e-02 8.8269 < 2.2e-16 ***
## fesisAustralia.2009 2.4855e-01 5.2409e-02 4.7424 2.922e-06 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## Diagnostics and fit:
##
## Chi-sq df p-value
## Ljung-Box AR(1) 102.179 1 < 2.2e-16 ***
## Ljung-Box ARCH(1) 16.885 1 3.972e-05 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## SE of regression 0.10986
## R-squared 0.99676
## Log-lik.(n=462) 391.29664ETS (all phases)
## [1] "Formula: l_edgar_v7 ~ lpop + hdd + cdd + EU_ETS_05 + EU_ETS_08 + EU_ETS_13"
## [1] "EU15+selected (2000:2021); p.value: 0.01; AR: 0"
##
## Date: Mon Nov 7 21:09:23 2022
## Dependent var.: y
## Method: Ordinary Least Squares (OLS)
## Variance-Covariance: Ordinary
## No. of observations (mean eq.): 462
## Sample: 1 to 462
##
## SPECIFIC mean equation:
##
## coef std.error t-stat p-value
## lpop -1.1813e+00 1.9326e-01 -6.1126 2.335e-09 ***
## hdd 1.7169e-04 3.4686e-05 4.9496 1.099e-06 ***
## cdd 1.9106e-04 1.0065e-04 1.8982 0.0583902 .
## EU_ETS_05 -3.2148e-02 3.4229e-02 -0.9392 0.3481970
## EU_ETS_08 -5.1778e-02 3.4721e-02 -1.4913 0.1366817
## EU_ETS_13 -1.7868e-01 2.9858e-02 -5.9846 4.834e-09 ***
## idAustria -3.8537e+00 2.1119e-01 -18.2478 < 2.2e-16 ***
## idBelgium -3.0342e+00 1.5867e-01 -19.1224 < 2.2e-16 ***
## idCanada -4.2097e-01 1.5386e-01 -2.7361 0.0064947 **
## idDenmark -3.8797e+00 2.8126e-01 -13.7941 < 2.2e-16 ***
## idFinland -4.0872e+00 3.0742e-01 -13.2951 < 2.2e-16 ***
## idFrance -8.8070e-02 2.2949e-01 -0.3838 0.7013627
## idGermany 2.0357e+00 2.7724e-01 7.3427 1.186e-12 ***
## idGreece -2.2848e+00 1.3000e-01 -17.5759 < 2.2e-16 ***
## idIreland -4.5812e+00 3.2226e-01 -14.2155 < 2.2e-16 ***
## idItaly 8.3102e-01 2.0761e-01 4.0029 7.462e-05 ***
## idJapan 2.9419e+00 3.5012e-01 8.4024 7.780e-16 ***
## idLuxembourg -1.0871e+01 7.5327e-01 -14.4311 < 2.2e-16 ***
## idNetherlands -1.5757e+00 1.0280e-01 -15.3276 < 2.2e-16 ***
## idNewZealand -4.9990e+00 3.2246e-01 -15.5025 < 2.2e-16 ***
## idPortugal -2.9951e+00 1.4516e-01 -20.6338 < 2.2e-16 ***
## idSpain 1.4813e-01 1.5673e-01 0.9451 0.3451751
## idSweden -4.2780e+00 2.0353e-01 -21.0187 < 2.2e-16 ***
## idSwitzerland -5.7302e+00 2.2830e-01 -25.0993 < 2.2e-16 ***
## idUnitedKingdom 1.1413e+00 2.2738e-01 5.0192 7.834e-07 ***
## idUnitedStates 5.3843e+00 5.2147e-01 10.3251 < 2.2e-16 ***
## time2000 3.1734e+01 3.2495e+00 9.7656 < 2.2e-16 ***
## time2001 3.1748e+01 3.2507e+00 9.7664 < 2.2e-16 ***
## time2002 3.1803e+01 3.2515e+00 9.7812 < 2.2e-16 ***
## time2003 3.1813e+01 3.2534e+00 9.7785 < 2.2e-16 ***
## time2004 3.1838e+01 3.2542e+00 9.7836 < 2.2e-16 ***
## time2005 3.1869e+01 3.2575e+00 9.7835 < 2.2e-16 ***
## time2006 3.1898e+01 3.2592e+00 9.7871 < 2.2e-16 ***
## time2007 3.1913e+01 3.2603e+00 9.7883 < 2.2e-16 ***
## time2008 3.1894e+01 3.2618e+00 9.7780 < 2.2e-16 ***
## time2009 3.1819e+01 3.2626e+00 9.7526 < 2.2e-16 ***
## time2010 3.1799e+01 3.2637e+00 9.7434 < 2.2e-16 ***
## time2011 3.1825e+01 3.2650e+00 9.7475 < 2.2e-16 ***
## time2012 3.1804e+01 3.2661e+00 9.7376 < 2.2e-16 ***
## time2013 3.1874e+01 3.2707e+00 9.7453 < 2.2e-16 ***
## time2014 3.1848e+01 3.2721e+00 9.7331 < 2.2e-16 ***
## time2015 3.1858e+01 3.2723e+00 9.7354 < 2.2e-16 ***
## time2016 3.1828e+01 3.2722e+00 9.7269 < 2.2e-16 ***
## time2017 3.1838e+01 3.2736e+00 9.7257 < 2.2e-16 ***
## time2018 3.1769e+01 3.2750e+00 9.7003 < 2.2e-16 ***
## time2019 3.1690e+01 3.2760e+00 9.6732 < 2.2e-16 ***
## time2020 3.1628e+01 3.2774e+00 9.6504 < 2.2e-16 ***
## time2021 3.1644e+01 3.2774e+00 9.6551 < 2.2e-16 ***
## iis267 -5.2039e-01 1.3981e-01 -3.7221 0.0002259 ***
## fesisAustria.2016 2.1211e-01 4.8731e-02 4.3527 1.711e-05 ***
## fesisSwitzerland.2018 3.2378e-01 5.7367e-02 5.6441 3.155e-08 ***
## fesisDenmark.2012 -2.6671e-01 6.3975e-02 -4.1689 3.756e-05 ***
## fesisDenmark.2015 -3.5896e-01 6.8872e-02 -5.2119 3.004e-07 ***
## fesisUnitedKingdom.2016 -4.4110e-01 4.9043e-02 -8.9942 < 2.2e-16 ***
## fesisGreece.2015 -2.7296e-01 4.8361e-02 -5.6442 3.154e-08 ***
## fesisIreland.2015 1.3897e-01 4.9410e-02 2.8126 0.0051563 **
## fesisLuxembourg.2002 1.1285e+00 1.0351e-01 10.9030 < 2.2e-16 ***
## fesisLuxembourg.2015 -5.0545e-01 1.0566e-01 -4.7837 2.426e-06 ***
## fesisLuxembourg.2016 -4.2518e-01 1.0755e-01 -3.9535 9.112e-05 ***
## fesisNetherlands.2014 2.7007e-01 4.5018e-02 5.9991 4.453e-09 ***
## fesisSweden.2016 2.9832e-01 4.9816e-02 5.9884 4.730e-09 ***
## fesisAustralia.2009 2.0459e-01 4.8957e-02 4.1789 3.602e-05 ***
## fesisNewZealand.2013 -1.9157e-01 4.8173e-02 -3.9768 8.295e-05 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## Diagnostics and fit:
##
## Chi-sq df p-value
## Ljung-Box AR(1) 81.501 1 < 2.2e-16 ***
## Ljung-Box ARCH(1) 30.903 1 2.712e-08 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## SE of regression 0.09638
## R-squared 0.99757
## Log-lik.(n=462) 456.76777
## [1] "Formula: l_edgar_v7 ~ lpop + hdd + cdd + EU_ETS_05 + EU_ETS_08 + EU_ETS_13"
## [1] "EU15+selected (2000:2021); p.value: 0.001; AR: 0"
##
## Date: Mon Nov 7 21:09:27 2022
## Dependent var.: y
## Method: Ordinary Least Squares (OLS)
## Variance-Covariance: Ordinary
## No. of observations (mean eq.): 462
## Sample: 1 to 462
##
## SPECIFIC mean equation:
##
## coef std.error t-stat p-value
## lpop -6.8855e-01 1.8686e-01 -3.6849 0.0002598 ***
## hdd 1.7076e-04 3.9424e-05 4.3314 1.869e-05 ***
## cdd 2.4415e-04 1.1458e-04 2.1308 0.0337060 *
## EU_ETS_05 -2.5700e-02 3.9179e-02 -0.6560 0.5122210
## EU_ETS_08 -7.3222e-02 3.9189e-02 -1.8685 0.0624183 .
## EU_ETS_13 -1.2794e-01 3.2249e-02 -3.9672 8.597e-05 ***
## idAustria -3.4196e+00 2.1991e-01 -15.5500 < 2.2e-16 ***
## idBelgium -2.7824e+00 1.6878e-01 -16.4852 < 2.2e-16 ***
## idCanada -7.2319e-01 1.5681e-01 -4.6119 5.354e-06 ***
## idDenmark -3.2919e+00 2.8763e-01 -11.4451 < 2.2e-16 ***
## idFinland -3.4811e+00 3.1868e-01 -10.9236 < 2.2e-16 ***
## idFrance -7.1917e-01 2.1573e-01 -3.3336 0.0009361 ***
## idGermany 1.2914e+00 2.6264e-01 4.9169 1.279e-06 ***
## idGreece -2.1654e+00 1.3617e-01 -15.9019 < 2.2e-16 ***
## idIreland -3.8404e+00 3.2172e-01 -11.9371 < 2.2e-16 ***
## idItaly 2.2403e-01 1.9343e-01 1.1582 0.2474734
## idJapan 1.9643e+00 3.2820e-01 5.9852 4.754e-09 ***
## idLuxembourg -9.3207e+00 7.3922e-01 -12.6088 < 2.2e-16 ***
## idNetherlands -1.5311e+00 1.1476e-01 -13.3409 < 2.2e-16 ***
## idNewZealand -4.3657e+00 3.2071e-01 -13.6125 < 2.2e-16 ***
## idPortugal -2.7360e+00 1.4975e-01 -18.2704 < 2.2e-16 ***
## idSpain -3.2828e-01 1.4420e-01 -2.2765 0.0233346 *
## idSweden -3.9464e+00 2.1683e-01 -18.2004 < 2.2e-16 ***
## idSwitzerland -5.3055e+00 2.3927e-01 -22.1734 < 2.2e-16 ***
## idUnitedKingdom 5.3727e-01 2.1583e-01 2.4893 0.0131976 *
## idUnitedStates 3.9606e+00 4.9455e-01 8.0085 1.239e-14 ***
## time2000 2.3509e+01 3.1512e+00 7.4604 5.286e-13 ***
## time2001 2.3544e+01 3.1524e+00 7.4686 5.007e-13 ***
## time2002 2.3586e+01 3.1531e+00 7.4802 4.633e-13 ***
## time2003 2.3588e+01 3.1552e+00 7.4760 4.764e-13 ***
## time2004 2.3613e+01 3.1557e+00 7.4826 4.557e-13 ***
## time2005 2.3635e+01 3.1590e+00 7.4817 4.585e-13 ***
## time2006 2.3659e+01 3.1609e+00 7.4848 4.490e-13 ***
## time2007 2.3672e+01 3.1618e+00 7.4871 4.423e-13 ***
## time2008 2.3665e+01 3.1646e+00 7.4780 4.699e-13 ***
## time2009 2.3595e+01 3.1662e+00 7.4521 5.587e-13 ***
## time2010 2.3572e+01 3.1672e+00 7.4424 5.960e-13 ***
## time2011 2.3596e+01 3.1686e+00 7.4467 5.794e-13 ***
## time2012 2.3570e+01 3.1697e+00 7.4362 6.214e-13 ***
## time2013 2.3593e+01 3.1762e+00 7.4279 6.565e-13 ***
## time2014 2.3565e+01 3.1777e+00 7.4155 7.127e-13 ***
## time2015 2.3584e+01 3.1778e+00 7.4215 6.851e-13 ***
## time2016 2.3543e+01 3.1784e+00 7.4073 7.530e-13 ***
## time2017 2.3549e+01 3.1798e+00 7.4058 7.603e-13 ***
## time2018 2.3474e+01 3.1816e+00 7.3781 9.137e-13 ***
## time2019 2.3393e+01 3.1825e+00 7.3505 1.096e-12 ***
## time2020 2.3329e+01 3.1840e+00 7.3269 1.281e-12 ***
## time2021 2.3345e+01 3.1837e+00 7.3324 1.236e-12 ***
## fesisSwitzerland.2018 3.2466e-01 6.4588e-02 5.0266 7.503e-07 ***
## fesisDenmark.2012 -2.6564e-01 7.3250e-02 -3.6265 0.0003239 ***
## fesisDenmark.2015 -3.6551e-01 7.8497e-02 -4.6563 4.367e-06 ***
## fesisUnitedKingdom.2016 -4.5516e-01 5.5265e-02 -8.2361 2.468e-15 ***
## fesisLuxembourg.2002 1.3527e+00 8.7233e-02 15.5068 < 2.2e-16 ***
## fesisLuxembourg.2015 -9.5645e-01 6.2336e-02 -15.3436 < 2.2e-16 ***
## fesisNetherlands.2014 2.6662e-01 5.0983e-02 5.2296 2.726e-07 ***
## fesisSweden.2016 2.7260e-01 5.5907e-02 4.8759 1.557e-06 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## Diagnostics and fit:
##
## Chi-sq df p-value
## Ljung-Box AR(1) 94.909 1 < 2.2e-16 ***
## Ljung-Box ARCH(1) 58.314 1 2.232e-14 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## SE of regression 0.11038
## R-squared 0.99676
## Log-lik.(n=462) 390.62448Growth Rates
Note: As Moritz mentioned, when looking at growth rates what we understand as “breaks” are represented by the grey impulse lines. I have therefore excluded the plots analogous to the right-hand ones above.
AR = 0
p = 0.1
## [1] "Formula: d.l_edgar_v7 ~ d.lgdp_wb + d.lpop + d.lgdp_wb_sq"
## [1] "EU15+selected (1990:2021); p.value: 0.1; AR: 0"
##
## Date: Wed Nov 2 17:15:13 2022
## Dependent var.: y
## Method: Ordinary Least Squares (OLS)
## Variance-Covariance: Ordinary
## No. of observations (mean eq.): 672
## Sample: 1 to 672
##
## SPECIFIC mean equation:
##
## coef std.error t-stat p-value
## d.lgdp_wb -3.52877750 2.57307835 -1.3714 0.1707820
## d.lpop -1.79968827 0.87259324 -2.0625 0.0396157 *
## d.lgdp_wb_sq 0.07119627 0.04830702 1.4738 0.1410788
## idAustria -0.00447962 0.02137044 -0.2096 0.8340411
## idBelgium -0.03111743 0.02119235 -1.4683 0.1425645
## idCanada -0.02249050 0.01988647 -1.1309 0.2585531
## idDenmark -0.04099185 0.03965142 -1.0338 0.3016649
## idFinland -0.04098160 0.02241553 -1.8283 0.0680308 .
## idFrance -0.03478564 0.02146555 -1.6205 0.1056699
## idGermany -0.04371221 0.02223644 -1.9658 0.0498068 *
## idGreece -0.03563352 0.02247223 -1.5857 0.1133681
## idIreland -0.01372893 0.02130830 -0.6443 0.5196401
## idItaly -0.02949437 0.02256791 -1.3069 0.1917673
## idJapan -0.01386973 0.02273974 -0.6099 0.5421484
## idLuxembourg 0.01720834 0.02442275 0.7046 0.4813445
## idNetherlands -0.01821364 0.02097618 -0.8683 0.3855945
## idNewZealand 0.13105527 0.04958286 2.6432 0.0084392 **
## idPortugal -0.00626995 0.02424160 -0.2586 0.7960029
## idSpain 0.00992243 0.02420731 0.4099 0.6820375
## idSweden -0.02084097 0.02132454 -0.9773 0.3288230
## idSwitzerland -0.00065789 0.02048982 -0.0321 0.9743969
## idUnitedKingdom -0.05506505 0.02101502 -2.6203 0.0090198 **
## idUnitedStates -0.02779502 0.02086170 -1.3323 0.1832778
## time1990 0.05074356 0.02578638 1.9678 0.0495696 *
## time1991 0.07934734 0.02631886 3.0148 0.0026853 **
## time1992 0.03067980 0.02538812 1.2084 0.2273816
## time1993 -0.00126817 0.02563791 -0.0495 0.9605662
## time1994 0.06069908 0.02596174 2.3380 0.0197305 *
## time1995 0.05396201 0.02586718 2.0861 0.0374111 *
## time1996 0.03553064 0.02766092 1.2845 0.1994856
## time1997 0.03151570 0.02652430 1.1882 0.2352557
## time1998 0.04246487 0.02602112 1.6319 0.1032437
## time1999 0.02100078 0.02582443 0.8132 0.4164346
## time2000 0.03197051 0.02680926 1.1925 0.2335537
## time2001 0.06587089 0.02563982 2.5691 0.0104495 *
## time2002 0.06209997 0.02590993 2.3968 0.0168611 *
## time2003 0.07040485 0.02549057 2.7620 0.0059299 **
## time2004 0.02451962 0.02603853 0.9417 0.3467613
## time2005 0.04689469 0.02606332 1.7993 0.0725054 .
## time2006 -0.00240451 0.02688133 -0.0894 0.9287564
## time2007 0.00436215 0.02621146 0.1664 0.8678841
## time2008 -0.00946236 0.02574350 -0.3676 0.7133352
## time2009 0.00660148 0.02638134 0.2502 0.8024972
## time2010 0.07179374 0.02640765 2.7187 0.0067537 **
## time2011 -0.04126811 0.02500963 -1.6501 0.0994748 .
## time2012 0.02897744 0.02465442 1.1753 0.2403466
## time2013 -0.03335356 0.02527041 -1.3199 0.1874085
## time2014 -0.04477467 0.02553034 -1.7538 0.0800042 .
## time2015 0.02191266 0.02664596 0.8224 0.4112133
## time2016 0.00010029 0.02621527 0.0038 0.9969489
## time2017 0.02897265 0.02600716 1.1140 0.2657368
## time2018 -0.02098163 0.02566879 -0.8174 0.4140416
## time2019 -0.04242588 0.02554036 -1.6611 0.0972361 .
## time2020 -0.04576399 0.02612001 -1.7521 0.0802992 .
## time2021 0.05635637 0.02665271 2.1145 0.0349078 *
## iis61 -0.22559561 0.08230229 -2.7411 0.0063159 **
## iis117 1.12627905 0.08214505 13.7109 < 2.2e-16 ***
## iis176 0.26446531 0.08855462 2.9865 0.0029433 **
## iis181 0.42486141 0.08416927 5.0477 6.021e-07 ***
## iis191 0.42669858 0.08356212 5.1064 4.482e-07 ***
## iis210 -0.23872267 0.08388104 -2.8460 0.0045867 **
## iis224 -0.20017798 0.08431608 -2.3741 0.0179197 *
## iis225 0.30454770 0.08412773 3.6201 0.0003207 ***
## iis236 0.21537384 0.08238937 2.6141 0.0091824 **
## iis239 0.26738264 0.08297112 3.2226 0.0013427 **
## iis248 -0.40874151 0.08220715 -4.9721 8.772e-07 ***
## iis249 0.44271189 0.08233006 5.3773 1.104e-07 ***
## iis265 -0.25363111 0.08229912 -3.0818 0.0021566 **
## iis270 0.31109080 0.08226124 3.7817 0.0001721 ***
## iis411 -0.29088726 0.08278711 -3.5137 0.0004770 ***
## iis412 -0.47174723 0.08300384 -5.6834 2.107e-08 ***
## iis413 -0.23767890 0.08363401 -2.8419 0.0046449 **
## iis414 -0.51000663 0.08305813 -6.1404 1.543e-09 ***
## iis415 -1.07379843 0.08321243 -12.9043 < 2.2e-16 ***
## iis417 0.24615224 0.08327066 2.9561 0.0032448 **
## iis418 0.51684791 0.08278451 6.2433 8.365e-10 ***
## iis419 0.96469023 0.08291304 11.6350 < 2.2e-16 ***
## iis430 -0.32494825 0.08298742 -3.9156 0.0001011 ***
## iis432 -0.38155816 0.08313314 -4.5897 5.461e-06 ***
## iis433 -0.55011857 0.08288723 -6.6370 7.455e-11 ***
## iis471 -0.26629107 0.08326449 -3.1981 0.0014598 **
## iis474 0.22004386 0.08263740 2.6628 0.0079687 **
## iis485 -0.34550384 0.08265041 -4.1803 3.368e-05 ***
## iis490 0.18379103 0.08271114 2.2221 0.0266688 *
## iis500 0.36244355 0.08302314 4.3656 1.505e-05 ***
## iis501 -0.31476454 0.08248554 -3.8160 0.0001504 ***
## iis504 -0.22357686 0.08240379 -2.7132 0.0068651 **
## iis514 0.23019385 0.08268006 2.7842 0.0055447 **
## iis600 -0.25072137 0.08300000 -3.0207 0.0026344 **
## iis619 -0.21811036 0.09325881 -2.3388 0.0196917 *
## fesisDenmark.1996 -0.07753176 0.04184754 -1.8527 0.0644383 .
## fesisDenmark.2013 0.30221512 0.08353418 3.6179 0.0003234 ***
## fesisDenmark.2014 -0.40203972 0.09903261 -4.0597 5.600e-05 ***
## fesisDenmark.2016 0.34189587 0.09907369 3.4509 0.0006000 ***
## fesisDenmark.2017 -0.22126517 0.09338868 -2.3693 0.0181537 *
## fesisDenmark.2021 0.20924450 0.09344146 2.2393 0.0255199 *
## fesisSpain.2008 -0.07462284 0.03103311 -2.4046 0.0165066 *
## fesisPortugal.2018 -0.19848792 0.04368935 -4.5432 6.766e-06 ***
## fesisNewZealand.1993 -0.29198905 0.06733658 -4.3363 1.713e-05 ***
## fesisNewZealand.1996 0.46624775 0.07442012 6.2651 7.341e-10 ***
## fesisNewZealand.1998 -0.29636520 0.05998623 -4.9406 1.025e-06 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## Diagnostics and fit:
##
## Chi-sq df p-value
## Ljung-Box AR(1) 20.7304 1 5.287e-06 ***
## Ljung-Box ARCH(1) 9.1712 1 0.002459 **
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## SE of regression 0.07880
## R-squared 0.71646
## Log-lik.(n=672) 804.45032p = 0.05
## [1] "Formula: d.l_edgar_v7 ~ d.lgdp_wb + d.lpop + d.lgdp_wb_sq"
## [1] "EU15+selected (1990:2021); p.value: 0.05; AR: 0"
##
## Date: Mon Oct 31 15:25:27 2022
## Dependent var.: y
## Method: Ordinary Least Squares (OLS)
## Variance-Covariance: Ordinary
## No. of observations (mean eq.): 672
## Sample: 1 to 672
##
## SPECIFIC mean equation:
##
## coef std.error t-stat p-value
## d.lgdp_wb -3.8432319 2.7911062 -1.3770 0.1690497
## d.lpop -1.0824086 0.9351879 -1.1574 0.2475692
## d.lgdp_wb_sq 0.0784879 0.0523321 1.4998 0.1342021
## idAustria -0.0043563 0.0229622 -0.1897 0.8495963
## idBelgium -0.0238062 0.0229999 -1.0351 0.3010671
## idCanada -0.0198813 0.0216239 -0.9194 0.3582554
## idDenmark -0.0894114 0.0264212 -3.3841 0.0007617 ***
## idFinland 0.0185737 0.0289137 0.6424 0.5208737
## idFrance -0.0358180 0.0231166 -1.5494 0.1218116
## idGermany -0.0343800 0.0240902 -1.4271 0.1540713
## idGreece -0.0253042 0.0243368 -1.0398 0.2988831
## idIreland -0.0132994 0.0232037 -0.5732 0.5667550
## idItaly -0.0189702 0.0244313 -0.7765 0.4377831
## idJapan -0.0032479 0.0246142 -0.1320 0.8950660
## idLuxembourg 0.0144000 0.0493209 0.2920 0.7704162
## idNetherlands -0.0115316 0.0227722 -0.5064 0.6127718
## idNewZealand 0.1283675 0.0538924 2.3819 0.0175396 *
## idPortugal 0.0040208 0.0409846 0.0981 0.9218815
## idSpain -0.0295422 0.0226445 -1.3046 0.1925378
## idSweden -0.0148772 0.0227797 -0.6531 0.5139546
## idSwitzerland 0.0042233 0.0222594 0.1897 0.8495863
## idUnitedKingdom -0.0484720 0.0228066 -2.1254 0.0339734 *
## idUnitedStates -0.0253576 0.0226692 -1.1186 0.2637710
## time1990 0.0417126 0.0281294 1.4829 0.1386417
## time1991 0.0667168 0.0287850 2.3178 0.0208047 *
## time1992 0.0114815 0.0275626 0.4166 0.6771529
## time1993 -0.0107258 0.0273465 -0.3922 0.6950402
## time1994 0.0555114 0.0279249 1.9879 0.0472882 *
## time1995 0.0403820 0.0278023 1.4525 0.1469045
## time1996 0.0335372 0.0286447 1.1708 0.2421532
## time1997 0.0105107 0.0284937 0.3689 0.7123522
## time1998 0.0285365 0.0281989 1.0120 0.3119679
## time1999 0.0177944 0.0277823 0.6405 0.5220997
## time2000 0.0061887 0.0286205 0.2162 0.8288801
## time2001 0.0524387 0.0277966 1.8865 0.0597183 .
## time2002 0.0482240 0.0280851 1.7171 0.0864933 .
## time2003 0.0568270 0.0276185 2.0576 0.0400715 *
## time2004 0.0098534 0.0281838 0.3496 0.7267554
## time2005 0.0351738 0.0282187 1.2465 0.2130888
## time2006 -0.0139458 0.0290969 -0.4793 0.6319112
## time2007 -0.0073036 0.0283607 -0.2575 0.7968633
## time2008 -0.0228463 0.0277597 -0.8230 0.4108393
## time2009 -0.0147459 0.0280803 -0.5251 0.5996891
## time2010 0.0605209 0.0278612 2.1722 0.0302369 *
## time2011 -0.0519584 0.0270764 -1.9190 0.0554743 .
## time2012 0.0176982 0.0266264 0.6647 0.5065123
## time2013 -0.0440767 0.0272989 -1.6146 0.1069349
## time2014 -0.0627149 0.0273849 -2.2901 0.0223671 *
## time2015 0.0121415 0.0280985 0.4321 0.6658239
## time2016 -0.0015402 0.0280042 -0.0550 0.9561586
## time2017 0.0157509 0.0279384 0.5638 0.5731234
## time2018 -0.0323982 0.0275804 -1.1747 0.2405975
## time2019 -0.0635160 0.0272135 -2.3340 0.0199322 *
## time2020 -0.0505352 0.0281828 -1.7931 0.0734677 .
## time2021 0.0550188 0.0283819 1.9385 0.0530384 .
## iis117 1.1202750 0.0893760 12.5344 < 2.2e-16 ***
## iis176 0.3227506 0.0901609 3.5797 0.0003724 ***
## iis181 0.3917662 0.0903879 4.3343 1.720e-05 ***
## iis191 0.4040735 0.0901728 4.4811 8.927e-06 ***
## iis225 0.2782756 0.0894078 3.1124 0.0019456 **
## iis248 -0.3912473 0.0907650 -4.3106 1.909e-05 ***
## iis249 0.4589080 0.0908987 5.0486 5.945e-07 ***
## iis270 0.3199654 0.0894366 3.5776 0.0003754 ***
## iis415 -1.0702169 0.0912171 -11.7326 < 2.2e-16 ***
## iis417 0.2606306 0.0911511 2.8593 0.0043961 **
## iis418 0.5215733 0.0905825 5.7580 1.372e-08 ***
## iis419 0.9708079 0.0907494 10.6977 < 2.2e-16 ***
## iis430 -0.3311553 0.0907004 -3.6511 0.0002844 ***
## iis432 -0.3886754 0.0906395 -4.2881 2.106e-05 ***
## iis433 -0.5651607 0.0905668 -6.2403 8.362e-10 ***
## iis485 -0.3674555 0.0900282 -4.0816 5.092e-05 ***
## iis500 0.3562137 0.0897519 3.9689 8.114e-05 ***
## iis501 -0.3023015 0.0895367 -3.3763 0.0007832 ***
## fesisDenmark.2013 0.2801814 0.0901517 3.1079 0.0019753 **
## fesisDenmark.2014 -0.2872025 0.0932812 -3.0789 0.0021746 **
## fesisFinland.2005 -0.0696047 0.0321927 -2.1621 0.0310110 *
## fesisLuxembourg.1994 -0.3750972 0.0628956 -5.9638 4.255e-09 ***
## fesisLuxembourg.1998 0.3768045 0.0491910 7.6600 7.694e-14 ***
## fesisPortugal.1996 -0.2794163 0.0953257 -2.9312 0.0035081 **
## fesisPortugal.1997 0.3008927 0.0904866 3.3253 0.0009383 ***
## fesisPortugal.2018 -0.2208170 0.0481615 -4.5849 5.551e-06 ***
## fesisNewZealand.1993 -0.2921526 0.0731706 -3.9928 7.358e-05 ***
## fesisNewZealand.1996 0.4686600 0.0807602 5.8031 1.065e-08 ***
## fesisNewZealand.1998 -0.3048804 0.0650021 -4.6903 3.395e-06 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## Diagnostics and fit:
##
## Chi-sq df p-value
## Ljung-Box AR(1) 20.187 1 7.021e-06 ***
## Ljung-Box ARCH(1) 23.608 1 1.181e-06 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## SE of regression 0.08572
## R-squared 0.65448
## Log-lik.(n=672) 739.38577p = 0.01
## [1] "Formula: d.l_edgar_v7 ~ d.lgdp_wb + d.lpop + d.lgdp_wb_sq"
## [1] "EU15+selected (1990:2021); p.value: 0.01; AR: 0"
##
## Date: Mon Oct 31 15:24:55 2022
## Dependent var.: y
## Method: Ordinary Least Squares (OLS)
## Variance-Covariance: Ordinary
## No. of observations (mean eq.): 672
## Sample: 1 to 672
##
## SPECIFIC mean equation:
##
## coef std.error t-stat p-value
## d.lgdp_wb -5.4418267 3.0523402 -1.7828 0.0751174 .
## d.lpop -1.1033235 0.9975867 -1.1060 0.2691723
## d.lgdp_wb_sq 0.1064245 0.0572415 1.8592 0.0634847 .
## idAustria -0.0040304 0.0249619 -0.1615 0.8717829
## idBelgium -0.0237057 0.0249995 -0.9482 0.3433851
## idCanada -0.0206666 0.0235467 -0.8777 0.3804667
## idDenmark -0.0706632 0.0256794 -2.7517 0.0061066 **
## idFinland -0.0156613 0.0259711 -0.6030 0.5467191
## idFrance -0.0372884 0.0251274 -1.4840 0.1383407
## idGermany -0.0362858 0.0261437 -1.3879 0.1656708
## idGreece -0.0260446 0.0264205 -0.9858 0.3246403
## idIreland -0.0065683 0.0252536 -0.2601 0.7948804
## idItaly -0.0206859 0.0265156 -0.7801 0.4356156
## idJapan -0.0053149 0.0267025 -0.1990 0.8422975
## idLuxembourg 0.0178230 0.0536443 0.3322 0.7398206
## idNetherlands -0.0116782 0.0247536 -0.4718 0.6372569
## idNewZealand 0.0058883 0.0243639 0.2417 0.8091098
## idPortugal -0.0028298 0.0274954 -0.1029 0.9180608
## idSpain -0.0215998 0.0244643 -0.8829 0.3776384
## idSweden -0.0241579 0.0246259 -0.9810 0.3269894
## idSwitzerland 0.0040860 0.0242260 0.1687 0.8661182
## idUnitedKingdom -0.0501460 0.0247920 -2.0227 0.0435494 *
## idUnitedStates -0.0292291 0.0246863 -1.1840 0.2368737
## time1990 0.0523241 0.0304377 1.7191 0.0861194 .
## time1991 0.0910474 0.0307427 2.9616 0.0031814 **
## time1992 0.0196111 0.0298463 0.6571 0.5113885
## time1993 -0.0163808 0.0294475 -0.5563 0.5782313
## time1994 0.0517845 0.0301514 1.7175 0.0864066 .
## time1995 0.0366502 0.0300198 1.2209 0.2226144
## time1996 0.0387991 0.0305512 1.2700 0.2045872
## time1997 -0.0030019 0.0306480 -0.0979 0.9220054
## time1998 0.0343335 0.0305640 1.1233 0.2617460
## time1999 0.0152291 0.0303146 0.5024 0.6155915
## time2000 0.0158204 0.0308288 0.5132 0.6080199
## time2001 0.0568392 0.0301083 1.8878 0.0595311 .
## time2002 0.0525201 0.0304063 1.7273 0.0846324 .
## time2003 0.0627381 0.0298868 2.0992 0.0362165 *
## time2004 0.0170505 0.0305109 0.5588 0.5764835
## time2005 0.0398217 0.0305556 1.3033 0.1929880
## time2006 -0.0072328 0.0315307 -0.2294 0.8186457
## time2007 -0.0032634 0.0307015 -0.1063 0.9153845
## time2008 -0.0218720 0.0300161 -0.7287 0.4664833
## time2009 -0.0164525 0.0303270 -0.5425 0.5876718
## time2010 0.0453033 0.0298347 1.5185 0.1294210
## time2011 -0.0374846 0.0289179 -1.2962 0.1953885
## time2012 0.0180538 0.0288293 0.6262 0.5314004
## time2013 -0.0451354 0.0290291 -1.5548 0.1205129
## time2014 -0.0604795 0.0296848 -2.0374 0.0420482 *
## time2015 -0.0031271 0.0302165 -0.1035 0.9176095
## time2016 -0.0015748 0.0303683 -0.0519 0.9586600
## time2017 0.0183690 0.0302875 0.6065 0.5444200
## time2018 -0.0313140 0.0299072 -1.0470 0.2955014
## time2019 -0.0627146 0.0295072 -2.1254 0.0339605 *
## time2020 -0.0537865 0.0304403 -1.7670 0.0777435 .
## time2021 0.0580309 0.0308379 1.8818 0.0603457 .
## iis117 1.1135444 0.0972737 11.4475 < 2.2e-16 ***
## iis181 0.3717882 0.0974289 3.8160 0.0001497 ***
## iis191 0.3834648 0.0974210 3.9362 9.248e-05 ***
## iis248 -0.4273727 0.0972777 -4.3933 1.319e-05 ***
## iis249 0.4223335 0.0974246 4.3350 1.709e-05 ***
## iis270 0.3164127 0.0974022 3.2485 0.0012248 **
## iis415 -1.2523071 0.1172898 -10.6770 < 2.2e-16 ***
## iis418 0.3321634 0.1179656 2.8158 0.0050258 **
## iis419 1.0145509 0.0987400 10.2750 < 2.2e-16 ***
## iis433 -0.5139767 0.0985113 -5.2174 2.501e-07 ***
## iis500 0.3621545 0.0974757 3.7153 0.0002219 ***
## iis588 0.4077068 0.0973982 4.1860 3.264e-05 ***
## fesisLuxembourg.1994 -0.3669377 0.0684444 -5.3611 1.181e-07 ***
## fesisLuxembourg.1998 0.5575433 0.0840039 6.6371 7.154e-11 ***
## fesisLuxembourg.2002 -0.2327918 0.0729374 -3.1917 0.0014884 **
## fesisPortugal.2018 -0.1924061 0.0511746 -3.7598 0.0001867 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## Diagnostics and fit:
##
## Chi-sq df p-value
## Ljung-Box AR(1) 21.739 1 3.124e-06 ***
## Ljung-Box ARCH(1) 13.588 1 0.0002276 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## SE of regression 0.09336
## R-squared 0.58105
## Log-lik.(n=672) 675.48611p = 0.001
## [1] "Formula: d.l_edgar_v7 ~ d.lgdp_wb + d.lpop + d.lgdp_wb_sq"
## [1] "EU15+selected (1990:2021); p.value: 0.001; AR: 0"
##
## Date: Mon Oct 31 15:26:12 2022
## Dependent var.: y
## Method: Ordinary Least Squares (OLS)
## Variance-Covariance: Ordinary
## No. of observations (mean eq.): 672
## Sample: 1 to 672
##
## SPECIFIC mean equation:
##
## coef std.error t-stat p-value
## d.lgdp_wb -2.87073667 3.28056162 -0.8751 0.381878
## d.lpop -1.27618678 1.08945869 -1.1714 0.241897
## d.lgdp_wb_sq 0.05943111 0.06161337 0.9646 0.335137
## idAustria -0.00758397 0.02747091 -0.2761 0.782586
## idBelgium -0.02695053 0.02751560 -0.9795 0.327739
## idCanada -0.02087090 0.02596293 -0.8039 0.421783
## idDenmark -0.05098038 0.02784017 -1.8312 0.067561 .
## idFinland -0.02014383 0.02817883 -0.7149 0.474971
## idFrance -0.02814111 0.02747702 -1.0242 0.306161
## idGermany -0.03714350 0.02878864 -1.2902 0.197465
## idGreece -0.02968381 0.02905708 -1.0216 0.307390
## idIreland -0.01507371 0.02771165 -0.5439 0.586676
## idItaly -0.02292748 0.02918005 -0.7857 0.432334
## idJapan -0.00678715 0.02939191 -0.2309 0.817455
## idLuxembourg -0.02473997 0.03025931 -0.8176 0.413906
## idNetherlands -0.01410312 0.02725778 -0.5174 0.605066
## idNewZealand 0.01368808 0.02661715 0.5143 0.607258
## idPortugal -0.03148675 0.02933853 -1.0732 0.283596
## idSpain -0.02310824 0.02695356 -0.8573 0.391596
## idSweden -0.01585265 0.02695444 -0.5881 0.556664
## idSwitzerland 0.00222975 0.02669811 0.0835 0.933468
## idUnitedKingdom -0.05033718 0.02732016 -1.8425 0.065888 .
## idUnitedStates -0.02415662 0.02719037 -0.8884 0.374662
## time1990 0.05439028 0.03332971 1.6319 0.103220
## time1991 0.09401640 0.03361635 2.7967 0.005325 **
## time1992 0.02329712 0.03262327 0.7141 0.475423
## time1993 -0.01342437 0.03220646 -0.4168 0.676955
## time1994 0.03614945 0.03299528 1.0956 0.273689
## time1995 0.04114919 0.03335005 1.2339 0.217731
## time1996 0.05856048 0.03257310 1.7978 0.072700 .
## time1997 0.02259470 0.03354493 0.6736 0.500843
## time1998 0.05028364 0.03328188 1.5108 0.131347
## time1999 0.02533983 0.03316506 0.7641 0.445132
## time2000 0.02676564 0.03370365 0.7941 0.427419
## time2001 0.05774426 0.03313198 1.7429 0.081863 .
## time2002 0.05350852 0.03345446 1.5994 0.110240
## time2003 0.06396208 0.03291053 1.9435 0.052414 .
## time2004 0.01779454 0.03360038 0.5296 0.596587
## time2005 0.02093179 0.03326967 0.6292 0.529483
## time2006 0.03198598 0.03394153 0.9424 0.346369
## time2007 -0.00264912 0.03380958 -0.0784 0.937572
## time2008 -0.01950832 0.03303425 -0.5905 0.555042
## time2009 -0.01440456 0.03337408 -0.4316 0.666178
## time2010 0.04735803 0.03284709 1.4418 0.149880
## time2011 -0.03523984 0.03184101 -1.1067 0.268841
## time2012 0.02049676 0.03173830 0.6458 0.518648
## time2013 -0.04334867 0.03196610 -1.3561 0.175575
## time2014 -0.05910796 0.03268936 -1.8082 0.071072 .
## time2015 -0.00229135 0.03327726 -0.0689 0.945127
## time2016 0.00025917 0.03340175 0.0078 0.993812
## time2017 0.02001768 0.03334698 0.6003 0.548539
## time2018 -0.03900456 0.03286241 -1.1869 0.235727
## time2019 -0.07056447 0.03242412 -2.1763 0.029916 *
## time2020 -0.06265709 0.03344480 -1.8734 0.061484 .
## time2021 0.04974012 0.03389620 1.4674 0.142776
## iis117 1.11343097 0.10723464 10.3831 < 2.2e-16 ***
## iis412 -0.42562096 0.10790008 -3.9446 8.922e-05 ***
## iis414 -0.47039519 0.10778592 -4.3642 1.499e-05 ***
## iis415 -1.05183971 0.10808464 -9.7316 < 2.2e-16 ***
## iis418 0.55817623 0.10767043 5.1841 2.956e-07 ***
## iis419 1.00713247 0.10783529 9.3395 < 2.2e-16 ***
## iis433 -0.52318182 0.10765892 -4.8596 1.497e-06 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## Diagnostics and fit:
##
## Chi-sq df p-value
## Ljung-Box AR(1) 28.230 1 1.077e-07 ***
## Ljung-Box ARCH(1) 46.791 1 7.896e-12 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## SE of regression 0.10295
## R-squared 0.48292
## Log-lik.(n=672) 605.26966AR = 1
p = 0.1
## [1] "Formula: d.l_edgar_v7 ~ d.lgdp_wb + d.lpop + d.lgdp_wb_sq"
## [1] "EU15+selected (1990:2021); p.value: 0.1; AR: 1"
##
## Date: Wed Nov 2 17:15:33 2022
## Dependent var.: y
## Method: Ordinary Least Squares (OLS)
## Variance-Covariance: Ordinary
## No. of observations (mean eq.): 651
## Sample: 1 to 651
##
## SPECIFIC mean equation:
##
## coef std.error t-stat p-value
## ar1 -7.7968e-02 2.4910e-02 -3.1300 0.0018436 **
## d.lgdp_wb -4.0218e+03 1.1709e+03 -3.4347 0.0006393 ***
## d.lpop -7.3415e+00 1.5002e+00 -4.8937 1.312e-06 ***
## d.lgdp_wb_sq 6.7259e+01 1.9563e+01 3.4381 0.0006314 ***
## idAustria -5.2610e-03 1.8366e-02 -0.2865 0.7746422
## idBelgium -2.7130e-02 1.8216e-02 -1.4893 0.1369988
## idCanada -1.8118e-02 1.8214e-02 -0.9947 0.3203098
## idDenmark -9.4205e-02 2.6471e-02 -3.5588 0.0004058 ***
## idFinland -1.3431e-02 2.4735e-02 -0.5430 0.5873533
## idFrance 1.2913e-01 7.4853e-02 1.7251 0.0850904 .
## idGermany -2.7477e-02 1.8224e-02 -1.5077 0.1322099
## idGreece -2.8179e-02 1.8219e-02 -1.5467 0.1225377
## idIreland -1.3698e-02 1.8211e-02 -0.7522 0.4522757
## idItaly -1.9255e-02 1.8213e-02 -1.0572 0.2908916
## idJapan -5.9927e-04 1.8206e-02 -0.0329 0.9737538
## idLuxembourg -3.2932e-02 2.4686e-02 -1.3340 0.1827592
## idNetherlands -6.4844e-03 1.8209e-02 -0.3561 0.7218936
## idNewZealand 1.3250e-01 5.3585e-02 2.4726 0.0137225 *
## idPortugal 1.6413e-02 2.0097e-02 0.8167 0.4144707
## idSpain 2.0060e-02 2.2294e-02 0.8998 0.3686479
## idSweden -1.0219e-02 2.2307e-02 -0.4581 0.6470468
## idSwitzerland 4.4689e-03 1.8228e-02 0.2452 0.8064221
## idUnitedKingdom -4.8027e-02 1.8244e-02 -2.6325 0.0087200 **
## idUnitedStates -1.5094e-02 1.8211e-02 -0.8288 0.4075823
## time1991 -6.6764e+00 2.0136e+00 -3.3156 0.0009764 ***
## time1992 3.0297e+00 8.5417e-01 3.5470 0.0004239 ***
## time1993 8.5318e+00 2.4898e+00 3.4268 0.0006578 ***
## time1994 1.4091e+01 4.1096e+00 3.4287 0.0006533 ***
## time1995 8.4402e+00 2.4472e+00 3.4489 0.0006073 ***
## time1996 5.0904e+00 1.4643e+00 3.4764 0.0005495 ***
## time1997 1.2919e+01 3.7773e+00 3.4201 0.0006737 ***
## time1998 1.1585e+01 3.3849e+00 3.4225 0.0006680 ***
## time1999 1.4906e+01 4.3717e+00 3.4096 0.0006998 ***
## time2000 1.4626e+01 4.2842e+00 3.4139 0.0006890 ***
## time2001 5.1639e+00 1.4803e+00 3.4885 0.0005257 ***
## time2002 8.4637e+00 2.4550e+00 3.4476 0.0006101 ***
## time2003 5.0725e+00 1.4567e+00 3.4822 0.0005380 ***
## time2004 8.3977e+00 2.4534e+00 3.4229 0.0006670 ***
## time2005 8.6058e+00 2.5070e+00 3.4327 0.0006438 ***
## time2006 6.9697e+00 2.0371e+00 3.4215 0.0006705 ***
## time2007 5.4548e+00 1.5874e+00 3.4363 0.0006356 ***
## time2008 2.6598e+00 7.6631e-01 3.4709 0.0005606 ***
## time2009 -7.7313e+00 2.2991e+00 -3.3628 0.0008269 ***
## time2010 8.1107e+00 2.3499e+00 3.4515 0.0006015 ***
## time2011 8.0183e+00 2.3549e+00 3.4050 0.0007114 ***
## time2012 4.5421e+00 1.3094e+00 3.4689 0.0005648 ***
## time2013 5.8385e+00 1.7096e+00 3.4152 0.0006857 ***
## time2014 7.0343e+00 2.0732e+00 3.3929 0.0007428 ***
## time2015 1.6763e+00 4.7554e-01 3.5252 0.0004595 ***
## time2016 2.5156e+00 7.1849e-01 3.5013 0.0005017 ***
## time2017 7.3525e+00 2.1405e+00 3.4349 0.0006387 ***
## time2018 5.7836e+00 1.6898e+00 3.4227 0.0006675 ***
## iis33 -2.3789e-01 7.4836e-02 -3.1787 0.0015647 **
## iis125 3.4280e-01 7.7187e-02 4.4411 1.088e-05 ***
## iis130 3.8653e-01 7.7893e-02 4.9623 9.377e-07 ***
## iis140 4.6030e-01 7.7267e-02 5.9572 4.654e-09 ***
## iis147 3.1306e-01 7.7442e-02 4.0425 6.066e-05 ***
## iis151 -2.9083e-01 8.2659e-02 -3.5184 0.0004712 ***
## iis153 -3.4370e-01 8.2394e-02 -4.1714 3.532e-05 ***
## iis158 1.7833e-01 7.6764e-02 2.3230 0.0205511 *
## iis161 2.3194e-01 7.7355e-02 2.9984 0.0028405 **
## iis170 -3.2351e-01 9.0254e-02 -3.5845 0.0003687 ***
## iis171 5.0543e-01 9.1320e-02 5.5347 4.890e-08 ***
## iis188 -2.1531e-01 7.5114e-02 -2.8665 0.0043139 **
## iis189 -2.9301e-01 7.5216e-02 -3.8956 0.0001104 ***
## iis194 3.0067e-01 7.5026e-02 4.0075 7.006e-05 ***
## iis197 -1.6961e-01 7.4993e-02 -2.2616 0.0241225 *
## iis376 -2.5813e-01 7.6517e-02 -3.3736 0.0007958 ***
## iis377 -4.6265e-01 7.6802e-02 -6.0239 3.169e-09 ***
## iis378 -2.4700e-01 7.8062e-02 -3.1641 0.0016440 **
## iis379 -4.9282e-01 7.6885e-02 -6.4099 3.201e-10 ***
## iis380 -1.0805e+00 7.7565e-02 -13.9301 < 2.2e-16 ***
## iis382 2.8407e-01 7.6619e-02 3.7076 0.0002311 ***
## iis383 5.7262e-01 7.6877e-02 7.4485 3.810e-13 ***
## iis384 1.0463e+00 7.7797e-02 13.4485 < 2.2e-16 ***
## iis386 1.9314e-01 7.6477e-02 2.5254 0.0118444 *
## iis391 1.8355e-01 7.6635e-02 2.3951 0.0169569 *
## iis397 -3.8661e-01 7.9563e-02 -4.8591 1.551e-06 ***
## iis398 -5.8543e-01 7.9641e-02 -7.3510 7.416e-13 ***
## iis441 1.9850e-01 1.0485e-01 1.8931 0.0588854 .
## iis446 -1.8542e-01 7.7236e-02 -2.4007 0.0167034 *
## iis471 -2.7932e-01 7.5928e-02 -3.6788 0.0002580 ***
## iis474 2.1361e-01 7.5287e-02 2.8373 0.0047228 **
## iis478 -2.5777e-01 7.5247e-02 -3.4256 0.0006605 ***
## iis485 -3.5481e-01 7.5497e-02 -4.6997 3.318e-06 ***
## iis490 1.8489e-01 7.5285e-02 2.4559 0.0143695 *
## iis502 -2.3695e-01 7.6504e-02 -3.0972 0.0020559 **
## iis516 -1.5542e-01 9.0215e-02 -1.7227 0.0855142 .
## iis517 2.2523e-01 7.7816e-02 2.8944 0.0039541 **
## iis519 -2.2234e-01 7.7667e-02 -2.8627 0.0043650 **
## iis533 3.4679e-01 7.6500e-02 4.5332 7.175e-06 ***
## iis534 -2.7913e-01 7.6512e-02 -3.6481 0.0002900 ***
## iis537 -2.2793e-01 7.5867e-02 -3.0043 0.0027864 **
## iis547 3.7435e-01 9.0332e-02 4.1442 3.964e-05 ***
## fesisDenmark.2003 2.0663e-01 7.7171e-02 2.6775 0.0076446 **
## fesisDenmark.2004 -2.6437e-01 7.7181e-02 -3.4254 0.0006611 ***
## fesisDenmark.2016 2.0030e-01 4.3907e-02 4.5620 6.290e-06 ***
## fesisFinland.2005 -1.1236e-01 5.6230e-02 -1.9982 0.0461965 *
## fesisFinland.2009 2.1343e-01 7.3859e-02 2.8897 0.0040125 **
## fesisFinland.2011 -2.9214e-01 7.3766e-02 -3.9604 8.495e-05 ***
## fesisFinland.2013 1.7018e-01 5.7684e-02 2.9503 0.0033139 **
## fesisFrance.1992 -1.4182e-01 7.5180e-02 -1.8864 0.0597789 .
## fesisLuxembourg.2013 -3.1613e-01 7.6726e-02 -4.1203 4.384e-05 ***
## fesisLuxembourg.2014 3.3896e-01 7.9674e-02 4.2544 2.475e-05 ***
## fesisNewZealand.1993 -3.0870e-01 6.7233e-02 -4.5916 5.490e-06 ***
## fesisNewZealand.1996 3.7044e-01 8.5538e-02 4.3307 1.775e-05 ***
## fesisNewZealand.1998 -1.5647e-01 7.7864e-02 -2.0095 0.0449883 *
## fesisNewZealand.2009 -2.1619e-01 5.7178e-02 -3.7810 0.0001738 ***
## fesisNewZealand.2011 2.3126e-01 7.3760e-02 3.1353 0.0018113 **
## fesisNewZealand.2013 -1.7145e-01 6.3872e-02 -2.6843 0.0074931 **
## fesisNewZealand.2017 1.8191e-01 4.9396e-02 3.6826 0.0002543 ***
## fesisPortugal.2018 -2.0588e-01 4.0160e-02 -5.1264 4.134e-07 ***
## fesisSpain.2008 -1.4268e-01 5.5205e-02 -2.5845 0.0100144 *
## fesisSpain.2011 1.0282e-01 5.7598e-02 1.7852 0.0747971 .
## fesisSweden.2010 -1.4429e-01 5.5320e-02 -2.6083 0.0093541 **
## fesisSweden.2013 1.6126e-01 5.7677e-02 2.7959 0.0053622 **
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## Diagnostics and fit:
##
## Chi-sq df p-value
## Ljung-Box AR(1) 2.2459 1 0.13397
## Ljung-Box ARCH(1) 4.2218 1 0.03991 *
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## SE of regression 0.07168
## R-squared 0.74850
## Log-lik.(n=651) 850.04008p = 0.05
## [1] "Formula: d.l_edgar_v7 ~ d.lgdp_wb + d.lpop + d.lgdp_wb_sq"
## [1] "EU15+selected (1990:2021); p.value: 0.05; AR: 1"
##
## Date: Mon Oct 31 15:34:34 2022
## Dependent var.: y
## Method: Ordinary Least Squares (OLS)
## Variance-Covariance: Ordinary
## No. of observations (mean eq.): 651
## Sample: 1 to 651
##
## SPECIFIC mean equation:
##
## coef std.error t-stat p-value
## ar1 -9.3814e-02 2.7892e-02 -3.3635 0.0008214 ***
## d.lgdp_wb -4.8551e+03 1.3394e+03 -3.6248 0.0003152 ***
## d.lpop -6.4208e+00 1.7322e+00 -3.7067 0.0002306 ***
## d.lgdp_wb_sq 8.1181e+01 2.2378e+01 3.6278 0.0003116 ***
## idAustria -1.3048e-02 2.1256e-02 -0.6138 0.5395608
## idBelgium -2.7524e-02 2.1266e-02 -1.2943 0.1960972
## idCanada -1.8461e-02 2.1263e-02 -0.8682 0.3856531
## idDenmark -1.0130e-01 2.2099e-02 -4.5839 5.616e-06 ***
## idFinland 1.4917e-02 2.7227e-02 0.5479 0.5839946
## idFrance 1.2344e-01 8.7362e-02 1.4129 0.1582226
## idGermany -2.7988e-02 2.1274e-02 -1.3156 0.1888333
## idGreece -2.8625e-02 2.1269e-02 -1.3458 0.1788903
## idIreland -1.3981e-02 2.1261e-02 -0.6576 0.5110544
## idItaly -1.9580e-02 2.1263e-02 -0.9209 0.3575186
## idJapan -5.9333e-04 2.1255e-02 -0.0279 0.9777395
## idLuxembourg -5.3942e-02 2.7232e-02 -1.9808 0.0480936 *
## idNetherlands -6.6834e-03 2.1258e-02 -0.3144 0.7533352
## idNewZealand 1.3487e-01 6.2480e-02 2.1586 0.0313005 *
## idPortugal 2.2986e-02 2.2566e-02 1.0186 0.3088079
## idSpain -2.8665e-02 2.1445e-02 -1.3367 0.1818537
## idSweden -1.5078e-02 2.1648e-02 -0.6965 0.4863950
## idSwitzerland 5.0429e-03 2.1279e-02 0.2370 0.8127504
## idUnitedKingdom -4.8772e-02 2.1295e-02 -2.2903 0.0223709 *
## idUnitedStates -1.5376e-02 2.1261e-02 -0.7232 0.4698358
## time1991 -8.1163e+00 2.3034e+00 -3.5236 0.0004600 ***
## time1992 3.6236e+00 9.7683e-01 3.7096 0.0002280 ***
## time1993 1.0308e+01 2.8478e+00 3.6195 0.0003215 ***
## time1994 1.7013e+01 4.7007e+00 3.6192 0.0003219 ***
## time1995 1.0179e+01 2.7991e+00 3.6367 0.0003013 ***
## time1996 6.1227e+00 1.6748e+00 3.6558 0.0002801 ***
## time1997 1.5611e+01 4.3204e+00 3.6133 0.0003292 ***
## time1998 1.3996e+01 3.8717e+00 3.6149 0.0003271 ***
## time1999 1.8031e+01 5.0004e+00 3.6058 0.0003386 ***
## time2000 1.7665e+01 4.9003e+00 3.6050 0.0003396 ***
## time2001 6.2067e+00 1.6930e+00 3.6661 0.0002694 ***
## time2002 1.0201e+01 2.8079e+00 3.6330 0.0003056 ***
## time2003 6.1082e+00 1.6660e+00 3.6663 0.0002692 ***
## time2004 1.0142e+01 2.8061e+00 3.6141 0.0003281 ***
## time2005 1.0390e+01 2.8674e+00 3.6234 0.0003168 ***
## time2006 8.4215e+00 2.3299e+00 3.6145 0.0003276 ***
## time2007 6.5795e+00 1.8156e+00 3.6240 0.0003161 ***
## time2008 3.1909e+00 8.7636e-01 3.6411 0.0002963 ***
## time2009 -9.3874e+00 2.6299e+00 -3.5694 0.0003881 ***
## time2010 9.7734e+00 2.6877e+00 3.6363 0.0003017 ***
## time2011 9.6778e+00 2.6934e+00 3.5931 0.0003551 ***
## time2012 5.4548e+00 1.4976e+00 3.6424 0.0002948 ***
## time2013 7.0208e+00 1.9553e+00 3.5906 0.0003585 ***
## time2014 8.5009e+00 2.3714e+00 3.5847 0.0003664 ***
## time2015 2.0175e+00 5.4385e-01 3.7097 0.0002279 ***
## time2016 3.0190e+00 8.2159e-01 3.6746 0.0002608 ***
## time2017 8.8683e+00 2.4483e+00 3.6222 0.0003183 ***
## time2018 6.9917e+00 1.9326e+00 3.6178 0.0003236 ***
## iis125 3.4714e-01 8.7501e-02 3.9672 8.202e-05 ***
## iis130 3.9520e-01 8.7823e-02 4.5000 8.245e-06 ***
## iis140 4.0009e-01 8.7534e-02 4.5707 5.969e-06 ***
## iis147 2.8770e-01 8.7477e-02 3.2889 0.0010681 **
## iis170 -4.0365e-01 8.8621e-02 -4.5548 6.420e-06 ***
## iis171 4.1734e-01 8.9477e-02 4.6642 3.867e-06 ***
## iis194 3.0079e-01 8.7495e-02 3.4378 0.0006294 ***
## iis376 -2.3867e-01 8.8827e-02 -2.6869 0.0074224 **
## iis377 -4.4835e-01 8.9073e-02 -5.0335 6.474e-07 ***
## iis378 -2.2933e-01 8.9996e-02 -2.5483 0.0110879 *
## iis379 -4.8295e-01 8.9144e-02 -5.4176 8.934e-08 ***
## iis380 -1.0717e+00 8.9863e-02 -11.9259 < 2.2e-16 ***
## iis382 3.1383e-01 8.8846e-02 3.5323 0.0004455 ***
## iis383 6.0198e-01 8.9143e-02 6.7530 3.589e-11 ***
## iis384 1.0807e+00 9.0160e-02 11.9869 < 2.2e-16 ***
## iis386 2.1212e-01 8.8769e-02 2.3896 0.0171940 *
## iis391 2.1114e-01 8.8790e-02 2.3780 0.0177372 *
## iis471 -2.8008e-01 8.7967e-02 -3.1839 0.0015328 **
## iis485 -3.5655e-01 8.7522e-02 -4.0738 5.283e-05 ***
## iis517 2.4292e-01 8.7433e-02 2.7784 0.0056442 **
## iis533 3.5395e-01 8.7698e-02 4.0361 6.181e-05 ***
## iis534 -2.7607e-01 8.7951e-02 -3.1390 0.0017835 **
## fesisFinland.2005 -6.6285e-02 3.1952e-02 -2.0746 0.0384772 *
## fesisFrance.1992 -3.9240e-01 1.0522e-01 -3.7293 0.0002113 ***
## fesisFrance.1994 2.5009e-01 6.2900e-02 3.9760 7.912e-05 ***
## fesisLuxembourg.2015 -4.4950e-01 6.4987e-02 -6.9169 1.248e-11 ***
## fesisLuxembourg.2017 4.8923e-01 7.1810e-02 6.8129 2.445e-11 ***
## fesisNewZealand.1993 -3.1654e-01 7.8390e-02 -4.0381 6.130e-05 ***
## fesisNewZealand.1996 4.7434e-01 7.8570e-02 6.0372 2.834e-09 ***
## fesisNewZealand.1998 -2.9949e-01 6.3394e-02 -4.7243 2.914e-06 ***
## fesisPortugal.2018 -2.2374e-01 4.6281e-02 -4.8343 1.722e-06 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## Diagnostics and fit:
##
## Chi-sq df p-value
## Ljung-Box AR(1) 6.4446 1 0.01113 *
## Ljung-Box ARCH(1) 10.2725 1 0.00135 **
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## SE of regression 0.08368
## R-squared 0.63606
## Log-lik.(n=651) 732.73948p = 0.01
## [1] "Formula: d.l_edgar_v7 ~ d.lgdp_wb + d.lpop + d.lgdp_wb_sq"
## [1] "EU15+selected (1990:2021); p.value: 0.01; AR: 1"
##
## Date: Mon Oct 31 15:33:49 2022
## Dependent var.: y
## Method: Ordinary Least Squares (OLS)
## Variance-Covariance: Ordinary
## No. of observations (mean eq.): 651
## Sample: 1 to 651
##
## SPECIFIC mean equation:
##
## coef std.error t-stat p-value
## ar1 -1.2441e-01 2.9862e-02 -4.1660 3.570e-05 ***
## d.lgdp_wb -4.8189e+03 1.4635e+03 -3.2928 0.0010520 **
## d.lpop -6.7291e+00 1.8906e+00 -3.5592 0.0004023 ***
## d.lgdp_wb_sq 8.0576e+01 2.4450e+01 3.2955 0.0010421 **
## idAustria -1.3266e-02 2.3226e-02 -0.5712 0.5681004
## idBelgium -2.8286e-02 2.3237e-02 -1.2173 0.2239866
## idCanada -1.9122e-02 2.3234e-02 -0.8230 0.4108240
## idDenmark -8.0581e-02 2.3684e-02 -3.4023 0.0007140 ***
## idFinland -1.9593e-02 2.3642e-02 -0.8287 0.4075887
## idFrance -3.1428e-02 2.3438e-02 -1.3409 0.1804776
## idGermany -2.8976e-02 2.3245e-02 -1.2466 0.2130601
## idGreece -2.9486e-02 2.3240e-02 -1.2688 0.2050308
## idIreland -1.4528e-02 2.3231e-02 -0.6254 0.5319776
## idItaly -2.0206e-02 2.3233e-02 -0.8697 0.3848106
## idJapan -5.8189e-04 2.3225e-02 -0.0251 0.9800202
## idLuxembourg -2.3080e-02 5.6427e-02 -0.4090 0.6826718
## idNetherlands -7.0675e-03 2.3228e-02 -0.3043 0.7610331
## idNewZealand -8.8910e-03 2.3427e-02 -0.3795 0.7044471
## idPortugal -1.2500e-03 2.4116e-02 -0.0518 0.9586780
## idSpain -2.1553e-02 2.3236e-02 -0.9276 0.3540088
## idSweden -2.4250e-02 2.3430e-02 -1.0350 0.3010964
## idSwitzerland 6.1508e-03 2.3250e-02 0.2646 0.7914489
## idUnitedKingdom -5.0211e-02 2.3267e-02 -2.1580 0.0313355 *
## idUnitedStates -1.5922e-02 2.3231e-02 -0.6854 0.4933772
## time1991 -8.0164e+00 2.5168e+00 -3.1852 0.0015240 **
## time1992 3.5991e+00 1.0673e+00 3.3723 0.0007950 ***
## time1993 1.0215e+01 3.1115e+00 3.2830 0.0010884 **
## time1994 1.6888e+01 5.1360e+00 3.2882 0.0010691 **
## time1995 1.0097e+01 3.0583e+00 3.3016 0.0010200 **
## time1996 6.0923e+00 1.8298e+00 3.3294 0.0009253 ***
## time1997 1.5476e+01 4.7205e+00 3.2785 0.0011059 **
## time1998 1.3897e+01 4.2302e+00 3.2851 0.0010806 **
## time1999 1.7896e+01 5.4636e+00 3.2756 0.0011170 **
## time2000 1.7550e+01 5.3541e+00 3.2778 0.0011083 **
## time2001 6.1673e+00 1.8498e+00 3.3340 0.0009102 ***
## time2002 1.0133e+01 3.0679e+00 3.3028 0.0010160 **
## time2003 6.0669e+00 1.8203e+00 3.3328 0.0009142 ***
## time2004 1.0079e+01 3.0660e+00 3.2872 0.0010726 **
## time2005 1.0312e+01 3.1330e+00 3.2915 0.0010569 **
## time2006 8.3603e+00 2.5457e+00 3.2841 0.0010845 **
## time2007 6.5293e+00 1.9837e+00 3.2914 0.0010570 **
## time2008 3.1652e+00 9.5753e-01 3.3056 0.0010060 **
## time2009 -9.3092e+00 2.8735e+00 -3.2396 0.0012649 **
## time2010 9.6809e+00 2.9367e+00 3.2966 0.0010383 **
## time2011 9.6241e+00 2.9429e+00 3.2703 0.0011378 **
## time2012 5.4195e+00 1.6363e+00 3.3121 0.0009834 ***
## time2013 6.9884e+00 2.1364e+00 3.2710 0.0011347 **
## time2014 8.4415e+00 2.5910e+00 3.2580 0.0011874 **
## time2015 2.0026e+00 5.9423e-01 3.3701 0.0008010 ***
## time2016 2.9996e+00 8.9769e-01 3.3415 0.0008867 ***
## time2017 8.8043e+00 2.6751e+00 3.2912 0.0010578 **
## time2018 6.9426e+00 2.1116e+00 3.2879 0.0010703 **
## iis130 3.5933e-01 9.5500e-02 3.7626 0.0001851 ***
## iis140 3.7646e-01 9.5517e-02 3.9413 9.087e-05 ***
## iis170 -4.3557e-01 9.5383e-02 -4.5665 6.054e-06 ***
## iis171 3.7472e-01 9.6353e-02 3.8890 0.0001122 ***
## iis194 3.0738e-01 9.5416e-02 3.2215 0.0013462 **
## iis380 -1.1816e+00 9.9587e-02 -11.8646 < 2.2e-16 ***
## iis383 5.1513e-01 9.8560e-02 5.2266 2.409e-07 ***
## iis384 1.0022e+00 9.9517e-02 10.0711 < 2.2e-16 ***
## iis441 4.2610e-01 9.5422e-02 4.4654 9.597e-06 ***
## iis533 3.4936e-01 9.5439e-02 3.6606 0.0002745 ***
## fesisLuxembourg.1994 -3.8218e-01 7.1865e-02 -5.3180 1.497e-07 ***
## fesisLuxembourg.1998 4.4330e-01 5.5967e-02 7.9207 1.201e-14 ***
## fesisLuxembourg.2011 -1.7229e-01 5.5546e-02 -3.1018 0.0020167 **
## fesisLuxembourg.2015 -3.7454e-01 8.1179e-02 -4.6137 4.866e-06 ***
## fesisLuxembourg.2017 4.9306e-01 7.8464e-02 6.2839 6.467e-10 ***
## fesisPortugal.2018 -2.0031e-01 5.0308e-02 -3.9817 7.706e-05 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## Diagnostics and fit:
##
## Chi-sq df p-value
## Ljung-Box AR(1) 5.6721 1 0.0172373 *
## Ljung-Box ARCH(1) 12.0374 1 0.0005214 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## SE of regression 0.09144
## R-squared 0.55399
## Log-lik.(n=651) 667.53328p = 0.001
## [1] "Formula: d.l_edgar_v7 ~ d.lgdp_wb + d.lpop + d.lgdp_wb_sq"
## [1] "EU15+selected (1990:2021); p.value: 0.001; AR: 1"
##
## Date: Mon Oct 31 15:35:05 2022
## Dependent var.: y
## Method: Ordinary Least Squares (OLS)
## Variance-Covariance: Ordinary
## No. of observations (mean eq.): 651
## Sample: 1 to 651
##
## SPECIFIC mean equation:
##
## coef std.error t-stat p-value
## ar1 -1.2203e-01 3.1791e-02 -3.8387 0.0001371 ***
## d.lgdp_wb -4.9336e+03 1.5681e+03 -3.1463 0.0017368 **
## d.lpop -7.4794e+00 2.0197e+00 -3.7031 0.0002330 ***
## d.lgdp_wb_sq 8.2492e+01 2.6197e+01 3.1489 0.0017221 **
## idAustria -1.3249e-02 2.4889e-02 -0.5323 0.5947007
## idBelgium -2.8227e-02 2.4901e-02 -1.1336 0.2574330
## idCanada -1.9071e-02 2.4898e-02 -0.7660 0.4439956
## idDenmark -5.6716e-02 2.4949e-02 -2.2732 0.0233712 *
## idFinland 1.2335e-02 3.1864e-02 0.3871 0.6988052
## idFrance -2.1450e-02 2.4902e-02 -0.8614 0.3893956
## idGermany -2.8900e-02 2.4909e-02 -1.1602 0.2464402
## idGreece -2.9420e-02 2.4904e-02 -1.1813 0.2379573
## idIreland -1.4485e-02 2.4895e-02 -0.5819 0.5608758
## idItaly -2.0158e-02 2.4897e-02 -0.8097 0.4184666
## idJapan -5.8277e-04 2.4888e-02 -0.0234 0.9813267
## idLuxembourg -1.9749e-02 6.0474e-02 -0.3266 0.7441079
## idNetherlands -7.0377e-03 2.4891e-02 -0.2827 0.7774772
## idNewZealand 4.8440e-03 2.4889e-02 0.1946 0.8457518
## idPortugal -2.7044e-02 2.4898e-02 -1.0862 0.2778372
## idSpain -2.1497e-02 2.4900e-02 -0.8633 0.3882993
## idSweden -1.2948e-02 2.4892e-02 -0.5202 0.6031341
## idSwitzerland 6.0650e-03 2.4915e-02 0.2434 0.8077583
## idUnitedKingdom -5.0099e-02 2.4933e-02 -2.0094 0.0449546 *
## idUnitedStates -1.5880e-02 2.4895e-02 -0.6379 0.5237997
## time1991 -8.2074e+00 2.6967e+00 -3.0435 0.0024423 **
## time1992 3.6885e+00 1.1435e+00 3.2256 0.0013270 **
## time1993 1.0464e+01 3.3338e+00 3.1388 0.0017813 **
## time1994 1.7296e+01 5.5030e+00 3.1431 0.0017558 **
## time1995 1.0342e+01 3.2769e+00 3.1562 0.0016799 **
## time1996 6.2749e+00 1.9606e+00 3.2005 0.0014455 **
## time1997 1.5871e+01 5.0578e+00 3.1380 0.0017863 **
## time1998 1.4247e+01 4.5325e+00 3.1432 0.0017549 **
## time1999 1.8330e+01 5.8540e+00 3.1312 0.0018272 **
## time2000 1.7976e+01 5.7367e+00 3.1335 0.0018134 **
## time2001 6.3174e+00 1.9820e+00 3.1875 0.0015114 **
## time2002 1.0378e+01 3.2872e+00 3.1572 0.0016745 **
## time2003 6.2156e+00 1.9504e+00 3.1868 0.0015147 **
## time2004 1.0325e+01 3.2851e+00 3.1431 0.0017558 **
## time2005 1.0566e+01 3.3569e+00 3.1475 0.0017298 **
## time2006 8.5871e+00 2.7276e+00 3.1483 0.0017256 **
## time2007 6.6943e+00 2.1254e+00 3.1496 0.0017177 **
## time2008 3.2508e+00 1.0259e+00 3.1687 0.0016108 **
## time2009 -9.5232e+00 3.0789e+00 -3.0931 0.0020748 **
## time2010 9.9218e+00 3.1465e+00 3.1533 0.0016964 **
## time2011 9.8561e+00 3.1532e+00 3.1258 0.0018607 **
## time2012 5.5502e+00 1.7532e+00 3.1658 0.0016266 **
## time2013 7.1579e+00 2.2891e+00 3.1270 0.0018532 **
## time2014 8.6464e+00 2.7762e+00 3.1145 0.0019321 **
## time2015 2.0549e+00 6.3666e-01 3.2276 0.0013176 **
## time2016 3.0785e+00 9.6180e-01 3.2007 0.0014446 **
## time2017 9.0226e+00 2.8662e+00 3.1479 0.0017274 **
## time2018 7.1088e+00 2.2625e+00 3.1420 0.0017621 **
## iis171 3.8455e-01 1.0457e-01 3.6774 0.0002572 ***
## iis380 -1.1432e+00 1.0504e-01 -10.8839 < 2.2e-16 ***
## iis383 5.6705e-01 1.0433e-01 5.4349 8.037e-08 ***
## iis384 1.0535e+00 1.0545e-01 9.9909 < 2.2e-16 ***
## fesisFinland.2005 -4.6801e-01 1.0405e-01 -4.4980 8.267e-06 ***
## fesisFinland.2006 4.0765e-01 1.0376e-01 3.9286 9.556e-05 ***
## fesisLuxembourg.1994 -3.9586e-01 7.6974e-02 -5.1428 3.689e-07 ***
## fesisLuxembourg.1998 4.0438e-01 5.7342e-02 7.0522 4.956e-12 ***
## fesisLuxembourg.2015 -4.9686e-01 7.6088e-02 -6.5301 1.421e-10 ***
## fesisLuxembourg.2017 5.0085e-01 8.4058e-02 5.9584 4.387e-09 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## Diagnostics and fit:
##
## Chi-sq df p-value
## Ljung-Box AR(1) 8.2164 1 0.004151 **
## Ljung-Box ARCH(1) 15.9643 1 6.455e-05 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## SE of regression 0.09798
## R-squared 0.48255
## Log-lik.(n=651) 619.50659Testing CFESIS (levels)
Coefficient Fixed Effect Step Indicator Saturation (breaks in the coefficient estimate on the controls for each individual country)
Question: My current interpretation of these steps (denoted in the graph below by the vertical green bars) is potentially a change in emission intensity of GDP (decoupling) and emission intensity of population/people? Unsure if this is accurate. Curious for a discussion on this.
p = 0.001
## [1] "Formula: l_edgar_v7 ~ lgdp_wb + lpop + lgdp_wb_sq"
## [1] "EU15+selected (1990:2021); p.value: 0.001; AR: 0"
##
## Date: Wed Nov 2 19:50:00 2022
## Dependent var.: y
## Method: Ordinary Least Squares (OLS)
## Variance-Covariance: Ordinary
## No. of observations (mean eq.): 672
## Sample: 1 to 672
##
## SPECIFIC mean equation:
##
## coef std.error t-stat p-value
## lgdp_wb -1.0537e+00 5.3192e-01 -1.9810 0.0480509 *
## lpop 9.2668e-02 2.1532e-01 0.4304 0.6670773
## lgdp_wb_sq 2.2392e-02 1.0512e-02 2.1302 0.0335610 *
## idAustria -2.1182e+00 1.3483e-01 -15.7104 < 2.2e-16 ***
## idBelgium -1.7547e+00 9.3707e-02 -18.7254 < 2.2e-16 ***
## idCanada -4.6667e-01 9.4222e-02 -4.9528 9.526e-07 ***
## idDenmark -1.2955e+00 2.1020e-01 -6.1633 1.309e-09 ***
## idFinland -1.5786e+00 2.0485e-01 -7.7058 5.424e-14 ***
## idFrance -1.5199e+00 2.0003e-01 -7.5980 1.163e-13 ***
## idGermany 3.8505e-01 2.3617e-01 1.6304 0.1035355
## idGreece -1.1517e+00 8.8723e-02 -12.9811 < 2.2e-16 ***
## idIreland -2.1295e+00 2.4750e-01 -8.6038 < 2.2e-16 ***
## idItaly -4.4141e-01 1.9330e-01 -2.2835 0.0227499 *
## idJapan 4.5193e-01 3.1247e-01 1.4463 0.1486136
## idLuxembourg -3.8035e+00 6.6914e-01 -5.6842 2.054e-08 ***
## idNetherlands -9.5736e-01 4.1530e-02 -23.0525 < 2.2e-16 ***
## idNewZealand -3.2157e+00 2.5644e-01 -12.5398 < 2.2e-16 ***
## idPortugal -1.8614e+00 9.3602e-02 -19.8863 < 2.2e-16 ***
## idSpain -7.6884e-01 1.6526e-01 -4.6522 4.045e-06 ***
## idSweden -2.5938e+00 1.2076e-01 -21.4782 < 2.2e-16 ***
## idSwitzerland -3.9629e+00 1.8183e-01 -21.7937 < 2.2e-16 ***
## idUnitedKingdom -1.7963e-02 1.9374e-01 -0.0927 0.9261583
## idUnitedStates 1.7167e+00 4.2113e-01 4.0764 5.191e-05 ***
## time1990 2.2401e+01 8.1015e+00 2.7651 0.0058667 **
## time1991 2.2464e+01 8.1022e+00 2.7726 0.0057343 **
## time1992 2.2459e+01 8.1025e+00 2.7719 0.0057470 **
## time1993 2.2417e+01 8.1030e+00 2.7665 0.0058414 **
## time1994 2.2429e+01 8.1025e+00 2.7682 0.0058112 **
## time1995 2.2464e+01 8.1016e+00 2.7727 0.0057317 **
## time1996 2.2498e+01 8.1012e+00 2.7771 0.0056558 **
## time1997 2.2491e+01 8.0998e+00 2.7767 0.0056626 **
## time1998 2.2520e+01 8.0988e+00 2.7807 0.0055944 **
## time1999 2.2519e+01 8.0977e+00 2.7809 0.0055908 **
## time2000 2.2530e+01 8.0962e+00 2.7828 0.0055591 **
## time2001 2.2565e+01 8.0960e+00 2.7872 0.0054850 **
## time2002 2.2589e+01 8.0955e+00 2.7903 0.0054344 **
## time2003 2.2625e+01 8.0956e+00 2.7947 0.0053603 **
## time2004 2.2618e+01 8.0950e+00 2.7941 0.0053709 **
## time2005 2.2614e+01 8.0948e+00 2.7936 0.0053791 **
## time2006 2.2619e+01 8.0942e+00 2.7944 0.0053653 **
## time2007 2.2591e+01 8.0937e+00 2.7912 0.0054193 **
## time2008 2.2528e+01 8.0944e+00 2.7831 0.0055540 **
## time2009 2.2475e+01 8.0972e+00 2.7756 0.0056813 **
## time2010 2.2497e+01 8.0967e+00 2.7786 0.0056311 **
## time2011 2.2414e+01 8.0970e+00 2.7682 0.0058116 **
## time2012 2.2424e+01 8.0975e+00 2.7692 0.0057933 **
## time2013 2.2375e+01 8.0970e+00 2.7634 0.0058965 **
## time2014 2.2290e+01 8.0968e+00 2.7530 0.0060849 **
## time2015 2.2273e+01 8.0963e+00 2.7510 0.0061216 **
## time2016 2.2259e+01 8.0956e+00 2.7495 0.0061490 **
## time2017 2.2273e+01 8.0951e+00 2.7514 0.0061145 **
## time2018 2.2208e+01 8.0947e+00 2.7435 0.0062599 **
## time2019 2.2112e+01 8.0945e+00 2.7318 0.0064849 **
## time2020 2.2010e+01 8.0979e+00 2.7181 0.0067567 **
## time2021 2.2046e+01 8.0956e+00 2.7233 0.0066527 **
## iis415 -1.9696e+00 1.1969e-01 -16.4559 < 2.2e-16 ***
## iis416 -1.8595e+00 1.1912e-01 -15.6104 < 2.2e-16 ***
## iis417 -1.6070e+00 1.1863e-01 -13.5464 < 2.2e-16 ***
## iis418 -1.0670e+00 1.1842e-01 -9.0103 < 2.2e-16 ***
## fesisUnitedKingdom.2015 -4.9789e-01 5.0158e-02 -9.9263 < 2.2e-16 ***
## fesisLuxembourg.1995 -7.8042e-01 9.4556e-02 -8.2535 9.828e-16 ***
## fesisLuxembourg.1998 8.9835e-01 1.1642e-01 7.7164 5.029e-14 ***
## fesisLuxembourg.2013 -4.5478e-01 7.6284e-02 -5.9618 4.264e-09 ***
## fesisLuxembourg.2016 -7.8953e-01 8.1331e-02 -9.7076 < 2.2e-16 ***
## fesisAustralia.2008 2.6331e-01 4.4521e-02 5.9142 5.606e-09 ***
## fesisNewZealand.1997 5.0562e-01 5.3954e-02 9.3713 < 2.2e-16 ***
## lgdp_wb.cfesisDenmark.2015 1.0504e-02 1.7283e-03 6.0775 2.173e-09 ***
## lgdp_wb.cfesisFrance.2017 -1.4092e-02 2.5704e-03 -5.4824 6.191e-08 ***
## lgdp_wb.cfesisNewZealand.1997 -2.2363e-02 5.0169e-03 -4.4575 9.900e-06 ***
## lpop.cfesisFrance.2000 -2.3026e-02 2.8078e-03 -8.2005 1.463e-15 ***
## lpop.cfesisFrance.2012 -2.0441e-02 3.4373e-03 -5.9469 4.645e-09 ***
## lgdp_wb_sq.cfesisItaly.1997 -2.9428e-04 7.5266e-05 -3.9099 0.0001029 ***
## lgdp_wb_sq.cfesisSwitzerland.2011 7.3544e-04 6.5994e-05 11.1440 < 2.2e-16 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## Diagnostics and fit:
##
## Chi-sq df p-value
## Ljung-Box AR(1) 164.843 1 < 2.2e-16 ***
## Ljung-Box ARCH(1) 43.603 1 4.022e-11 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## SE of regression 0.10994
## R-squared 0.99670
## Log-lik.(n=672) 566.61640p = 0.01
## [1] "Formula: l_edgar_v7 ~ lgdp_wb + lpop + lgdp_wb_sq"
## [1] "EU15+selected (1990:2021); p.value: 0.01; AR: 0"
##
## Date: Wed Nov 2 19:47:07 2022
## Dependent var.: y
## Method: Ordinary Least Squares (OLS)
## Variance-Covariance: Ordinary
## No. of observations (mean eq.): 672
## Sample: 1 to 672
##
## SPECIFIC mean equation:
##
## coef std.error t-stat p-value
## lgdp_wb -2.1899e+00 6.2863e-01 -3.4836 0.0005311 ***
## lpop 1.9440e-01 1.9713e-01 0.9862 0.3244451
## lgdp_wb_sq 4.3866e-02 1.2347e-02 3.5528 0.0004114 ***
## idAustria -2.0106e+00 1.2532e-01 -16.0436 < 2.2e-16 ***
## idBelgium -1.4960e+00 9.0336e-02 -16.5608 < 2.2e-16 ***
## idCanada -5.4113e-01 8.7135e-02 -6.2103 9.944e-10 ***
## idDenmark -1.1752e+00 1.9383e-01 -6.0630 2.377e-09 ***
## idFinland -1.4290e+00 1.8940e-01 -7.5449 1.708e-13 ***
## idFrance -1.6994e+00 1.8631e-01 -9.1215 < 2.2e-16 ***
## idGermany 1.4976e-01 2.2181e-01 0.6752 0.4998112
## idGreece -1.0748e+00 8.5035e-02 -12.6394 < 2.2e-16 ***
## idIreland -1.9625e+00 2.2803e-01 -8.6064 < 2.2e-16 ***
## idItaly -5.9910e-01 1.7901e-01 -3.3468 0.0008691 ***
## idJapan 1.3851e-01 2.9372e-01 0.4716 0.6373987
## idLuxembourg -3.5125e+00 6.1181e-01 -5.7411 1.502e-08 ***
## idNetherlands -9.9330e-01 3.9628e-02 -25.0656 < 2.2e-16 ***
## idNewZealand -3.0523e+00 2.3543e-01 -12.9644 < 2.2e-16 ***
## idPortugal -1.7809e+00 8.9427e-02 -19.9150 < 2.2e-16 ***
## idSpain -8.6152e-01 1.5142e-01 -5.6896 2.001e-08 ***
## idSweden -2.4995e+00 1.1208e-01 -22.3005 < 2.2e-16 ***
## idSwitzerland -3.8546e+00 1.6692e-01 -23.0932 < 2.2e-16 ***
## idUnitedKingdom -1.7456e-01 1.8046e-01 -0.9673 0.3337995
## idUnitedStates 1.2548e+00 4.0338e-01 3.1108 0.0019553 **
## time1990 3.5706e+01 8.9547e+00 3.9874 7.513e-05 ***
## time1991 3.5768e+01 8.9551e+00 3.9941 7.308e-05 ***
## time1992 3.5762e+01 8.9552e+00 3.9934 7.330e-05 ***
## time1993 3.5719e+01 8.9556e+00 3.9885 7.480e-05 ***
## time1994 3.5731e+01 8.9549e+00 3.9901 7.431e-05 ***
## time1995 3.5758e+01 8.9531e+00 3.9939 7.314e-05 ***
## time1996 3.5781e+01 8.9524e+00 3.9968 7.229e-05 ***
## time1997 3.5794e+01 8.9519e+00 3.9984 7.180e-05 ***
## time1998 3.5823e+01 8.9509e+00 4.0022 7.070e-05 ***
## time1999 3.5821e+01 8.9496e+00 4.0025 7.060e-05 ***
## time2000 3.5829e+01 8.9479e+00 4.0042 7.012e-05 ***
## time2001 3.5871e+01 8.9472e+00 4.0091 6.870e-05 ***
## time2002 3.5909e+01 8.9487e+00 4.0128 6.768e-05 ***
## time2003 3.5942e+01 8.9486e+00 4.0165 6.666e-05 ***
## time2004 3.5927e+01 8.9478e+00 4.0152 6.702e-05 ***
## time2005 3.5917e+01 8.9473e+00 4.0143 6.725e-05 ***
## time2006 3.5916e+01 8.9455e+00 4.0150 6.705e-05 ***
## time2007 3.5899e+01 8.9448e+00 4.0134 6.750e-05 ***
## time2008 3.5839e+01 8.9456e+00 4.0063 6.951e-05 ***
## time2009 3.5783e+01 8.9482e+00 3.9990 7.164e-05 ***
## time2010 3.5805e+01 8.9475e+00 4.0017 7.085e-05 ***
## time2011 3.5726e+01 8.9475e+00 3.9929 7.345e-05 ***
## time2012 3.5739e+01 8.9477e+00 3.9942 7.305e-05 ***
## time2013 3.5675e+01 8.9477e+00 3.9871 7.523e-05 ***
## time2014 3.5583e+01 8.9474e+00 3.9769 7.843e-05 ***
## time2015 3.5545e+01 8.9465e+00 3.9730 7.969e-05 ***
## time2016 3.5546e+01 8.9457e+00 3.9735 7.953e-05 ***
## time2017 3.5559e+01 8.9449e+00 3.9754 7.892e-05 ***
## time2018 3.5494e+01 8.9442e+00 3.9684 8.121e-05 ***
## time2019 3.5396e+01 8.9438e+00 3.9576 8.488e-05 ***
## time2020 3.5297e+01 8.9471e+00 3.9451 8.930e-05 ***
## time2021 3.5332e+01 8.9447e+00 3.9500 8.753e-05 ***
## iis181 3.2288e-01 1.0834e-01 2.9803 0.0029975 **
## iis414 -6.6287e-01 1.1274e-01 -5.8796 6.863e-09 ***
## iis415 -1.7730e+00 1.1168e-01 -15.8762 < 2.2e-16 ***
## iis416 -1.6285e+00 1.1190e-01 -14.5530 < 2.2e-16 ***
## iis417 -1.3650e+00 1.1186e-01 -12.2025 < 2.2e-16 ***
## iis418 -8.6833e-01 1.1127e-01 -7.8039 2.717e-14 ***
## fesisUnitedStates.2002 -1.8465e-01 5.0769e-02 -3.6371 0.0002997 ***
## fesisBelgium.2001 -2.7124e-01 3.8641e-02 -7.0196 6.096e-12 ***
## fesisDenmark.2017 -3.8745e-01 6.5270e-02 -5.9361 4.965e-09 ***
## fesisUnitedKingdom.2016 -5.4430e-01 4.8456e-02 -11.2329 < 2.2e-16 ***
## fesisLuxembourg.1995 1.2663e+03 1.8072e+02 7.0067 6.641e-12 ***
## fesisLuxembourg.2016 -5.7936e-01 9.1021e-02 -6.3652 3.903e-10 ***
## fesisNetherlands.2014 2.4837e-01 4.2386e-02 5.8598 7.683e-09 ***
## fesisAustralia.2008 2.2350e-01 4.2091e-02 5.3099 1.552e-07 ***
## lgdp_wb.cfesisDenmark.2015 1.0396e-02 1.5800e-03 6.5800 1.034e-10 ***
## lgdp_wb.cfesisNewZealand.1995 -9.5366e+01 1.3610e+01 -7.0069 6.630e-12 ***
## lgdp_wb.cfesisUnitedStates.1997 9.6207e-02 2.4290e-02 3.9607 8.380e-05 ***
## lpop.cfesisFrance.2000 -2.1773e-02 2.6402e-03 -8.2469 1.048e-15 ***
## lpop.cfesisFrance.2012 -1.9804e-02 3.1375e-03 -6.3123 5.383e-10 ***
## lpop.cfesisUnitedStates.1997 -1.2720e-01 3.9097e-02 -3.2534 0.0012048 **
## lgdp_wb_sq.cfesisItaly.1997 -3.6914e-04 6.9661e-05 -5.2992 1.642e-07 ***
## lgdp_wb_sq.cfesisNewZealand.1995 1.7932e+00 2.5602e-01 7.0041 6.754e-12 ***
## lgdp_wb_sq.cfesisSwitzerland.2011 7.3514e-04 6.0397e-05 12.1717 < 2.2e-16 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## Diagnostics and fit:
##
## Chi-sq df p-value
## Ljung-Box AR(1) 127.349 1 < 2.2e-16 ***
## Ljung-Box ARCH(1) 34.905 1 3.462e-09 ***
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## SE of regression 0.10026
## R-squared 0.99728
## Log-lik.(n=672) 631.05244